Tron (TRX) Price Surges 16% to New All-Time High of $0.2381
Tron’s native cryptocurrency TRX has increased by 16% in the last 24 hours, reaching an all-time high of $0.2381 and a market cap exceeding $20.55 billion. This milestone is accompanied by a 112% rise in daily trading volumes, surpassing $2.55 billion.
TRX's price has surged more than 41% over the past month, entering the price discovery zone, similar to trends observed in other altcoins post-Donald Trump's victory.
The price rally coincides with heightened TRX whale activity. Data from IntoTheBlock indicates that large transactions of at least $100,000 rose from 244 to 722 on December 2, totaling $432 million.
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Courtesy: IntoTheBlock
Additionally, large holders accumulated 76 million TRX coins recently. Increased whale activity often generates fear of missing out (FOMO) among retail investors, potentially driving up buying pressure. However, this could also lead to greater price volatility.
Tron (TRX) inflows into crypto exchanges suggest profit-taking may occur, as net inflows shifted from a net outflow of 104 million TRX to a net inflow of 81 million TRX between November 30 and December 2, per IntoTheBlock data.
Has the Altcoin Season Started?
With Bitcoin dominance declining below its two-year support line after a 38% rally, signs indicate the onset of an altseason. Other altcoins, including Ether (ETH), XRP, and Cardano (ADA), have shown strong recoveries since early December.
Historical trends show a decreasing ratio of altcoins relative to Bitcoin’s market capitalization, suggesting an upcoming altcoin rally. Trader Mikybull Crypto noted on December 3 that “Altseason for this cycle begins,” highlighting key indicators for altcoin performance.
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Courtesy: Mikybull Crypto
TRX’s new all-time high follows Tron founder Justin Sun's announcement of a $30 million investment in World Liberty Financial (WLFI) tokens on November 25, making him the largest investor in Donald Trump’s crypto project.
Analysts view the new all-time high for TRX as an indicator of a potential altcoin rally in December, with expectations for an extended altcoin season into early 2025, where Ether (ETH) may reach new highs above $5,000.