As a seasoned researcher with over two decades of experience in the volatile and unpredictable world of cryptocurrencies, I’ve seen my fair share of market madness. Yet, even I find myself amazed by the recent surge of Tron (TRX). In the past 24 hours, TRX has exploded, breaking its seven-year-old all-time high and reaching new heights. This is a testament to the power of altseasons, as predicted by Ki Young Ju, where only a select few assets experience such meteoric rises.
TL:DR;
- Tron’s price flew through the roof in the past 12 hours or so, smashing its previous record and charting a new one a lot higher.
- This came amid a compelling post from Tron’s founder that compared the protocol’s native token against another high-flyer as of late – XRP.
TRX’s Explosion
According to CryptoQuant’s CEO, Ki Young Ju, his recent forecast about the ongoing altcoin rally appears to be validating. He suggested that this altcoin season will differ from previous ones, with just a select few cryptocurrencies experiencing periodic, significant price surges.
In the last 24 hours, Tron’s native token (TRX) has taken center stage among alternatives such as DOGE, XRP, HBAR, and XLM. The past day’s activity for TRX can only be described as an extraordinary surge that propelled its price beyond its 2018 peak of $0.23 and towards a fresh high of $0.43, according to CoinGecko data.
$TRX broke the 7 year old all-time high!
We need to show respect. One of the very few Crypto‘s which beat Bitcoin over multiple cycles!
I will wait for a good long entry, my spot position remains untouched.
— MMCrypto (@MMCrypto) December 3, 2024
Beyond the obvious altcoin surge we’re experiencing, I believe there are underlying factors contributing to this bullish momentum that stem from the advancements within the Tron ecosystem. This platform remains a key player in Tether (USDT) transactions and has been launching popular projects such as sun.pump. Moreover, the founder, Justin Sun, has been quite active recently, particularly when it comes to financial investments, including a substantial one in Donald Trump’s cryptocurrency endeavor.
TRX = XRP?
Sun drew a fascinating parallel during the onset of TRX’s rally, noting that this asset had recently surpassed its previous record high set in 2018.
TRX=XRP
— H.E. Justin Sun (@justinsuntron) December 3, 2024
Recall the price actions of Ripple’s cross-border token. The cryptocurrency became the top performer shortly after Trump won the elections, especially following Gary Gensler’s announcement about leaving the SEC. At one point, XRP had surged by over 420% on a monthly basis.
Additionally, the value of this token is reaching a high not seen in years, surpassing $3 just this week. This makes it the third-biggest cryptocurrency by market capitalization, drawing interest from the crypto community due to its price fluctuations.
TRX’s monthly increase of just 135% might seem modest, but it successfully surpassed its previous record high. Currently, TRX’s market cap remains approximately five times smaller than XRP’s, but the cryptocurrency market is incredibly volatile, especially over the past month, so unexpected events are common these days.
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2024-12-04 10:58