Tron’s native cryptocurrency TRX has surged 16% in the past 24 hours, reaching an all-time high of $0.2381, driven by a 112% increase in daily trading volumes.
Tron’s native cryptocurrency TRX TRX $0.26 24h volatility: 3.5% Market cap: $24.32 B Vol. 24h: $972.72 M has rallied 16% in the last 24 hours hitting an all-time high of $0.2381 with its market cap crossing $20.55 billion. This is the first time that TRX has reached this level supported by a 112% surge in daily trading volumes all the way past $2.55 billion.
Similar to the surge in other altcoins following Donald Trump’s victory, TRX price has rallied more than 41% over the past month hitting a new all-time high and entering the price discovery zone.
Tron price rally comes with the surge in the TRX whale activity. Data from IntoTheBlock reveals that large transactions of at least $100,000 in TRX jumped from 244 to 722 on Monday, December 2. These transactions totaled $432 million, according to ITB data.
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Courtesy: IntoTheBlock
Furthermore, there’s a heavy accumulation by the Tron large holders who scooped 76 million TRX coins yesterday. Spikes in whale activity often trigger FOMO (fear of missing out) among retail investors, which can drive up buying pressure. As a result, TRX is in a strong position for a potential short-term price increase. However, this surge in whale activity could also mean higher price volatility.
Also, Tron (TRX) flows into crypto exchanges suggest a possibility of profit-booking ahead. The TRON exchange net inflows have changed from a net outflow of 104 million TRX to a net inflow of 81 million TRX between Nov. 30 and Dec. 2, according to data from IntoTheBlock.
Has the Altcoin Season Started?
After a solid 38% rally in the past month, the Bitcoin dominance dropped below its two-year support line thereby hinting at the beginning of the altseason. On the other hand, since the start of December, altcoins like Ether (ETH), XRP, Cardano (ADA), etc have staged a strong recovery.
The altcoin rally for December has already begun, following historical trends that show a declining ratio of altcoins relative to Bitcoin’s market capitalization, popular trader Mikybull Crypto noted in a Dec. 3 update. “Altseason for this cycle begins. This is the perfect indicator for altszn,” he noted.
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Courtesy: Mikybull Crypto
Furthermore, TRX’s new all-time high comes within a week after Tron founder Justin Sun announced his $30 million investment in World Liberty Financial (WLFI) tokens on November 25, making him the largest investor in Donald Trump’s crypto project.
The new all-time high for the TRX token is being seen by some analysts as a sign of a potential altcoin rally in December. Many analysts now anticipate an altcoin season extending into early 2025, with Ether (ETH) potentially reaching new all-time highs above $5,000.
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