Tron (TRX) Price Hits ATH of Over $0.44 amid South Korean Unrest

by

As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I have witnessed countless market fluctuations, and the recent surge in Tron (TRX) is no exception. The rapid rise of more than 80% within 24 hours is indeed intriguing, especially considering the political instability in South Korea.

The TRX token, which is the native currency of the Tron network created by Justin Sun, has experienced a significant surge of over 80% within the past 24 hours. This rise isn’t just due to the broader crypto market recovery but also coincides with the political turmoil in South Korea. It’s important to note that South Korea hosts one of the world’s largest and most responsive retail cryptocurrency markets.

The Tron (TRX) Price Spotlight

Currently, TRX’s price stands at approximately $0.3797, marking a significant rise of about 65.03% within the past 24 hours. Earlier in Tuesday evening, the price surged past $0.4406 to reach a peak before settling back down to its current value.

Many online users believe the increase is linked to the crisis in South Korea. For the first time in more than four decades, President Yoon Suk-yeol of the Asian nation has implemented an emergency military rule.

In simpler terms, martial law in South Korea means giving the military full authority to manage civil affairs due to a serious disruption of public order. This action is often taken in response to such threats. However, he decided to lift it five hours later as all legislators at the national parliament voted against its declaration unanimously.

Not long after that, Rachael Lucas, a BTC Markets crypto analyst, stated:

It seems that the surge in Tron (TRX) could partially be attributed to political unrest in South Korea.

In her words, TRX serves as a popular medium for transferring assets between different trading platforms, particularly in South Korea. This makes it an essential instrument for traders who need to swiftly shift their funds from one platform to another.

In a market predominantly centered around retail, numerous traders within the nation sought secure investment avenues. Given Tron’s significant influence in the payment industry, interest in the coin significantly increased. This surging interest is mirrored in the substantial 540% increase in trading volume to over $15.11 billion within a 24-hour period.

According to information from CoinMarketCap, Tron’s trading volume positions it among the top 5 most actively traded alternative cryptocurrencies. However, it’s uncertain if this rise in trade is long-lasting. Regardless, Tron has boosted its Year-to-Date (YTD) profits to a significant 265%.

Altcoins Joins the Uptrend

Currently, Bitcoin is spearheading an uptrend for the past month, and now many alternative cryptocurrencies are extending their bullish momentum. Among them, Tron and Binance Coin (BNB) have reached new all-time highs. Specifically, BNB has surged by more than 19.65% in the last 24 hours, reaching a record high of $779.05.

Here’s my take:

⚡No Coding💸Zero Launch Fee🔗Multi-Token Pairings🧑‍🌾Boost Liquidity with CAKE

👉Create now

📚More…

— PancakeSwap (@PancakeSwap) December 4, 2024

As an analyst, I find myself intrigued by the recent development on Binance Coin (BNB) with PancakeSwap’s launch of Springboard. This new platform functions as a meme coin launchpad, aiming to challenge Solana’s Pump.Fun in terms of market share. If the demand for BNB experiences a significant surge due to this development, it could potentially push the price of BNB even higher, indicating a continued uptrend.

Beyond this, Ripple (XRP) has surpassed the broader market’s growth over the past month, skyrocketing by 417%. At present, its price is 31.21% lower than its all-time high (ATH) of $3.84. Some in the community are optimistic that XRP will soon regain this historic peak.

Read More

2024-12-04 13:42