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Tron (TRX) is currently setting the crypto market abuzz, skyrocketing as much as 80% in the last 24 hours to achieve a new all-time high (ATH). This would be the first time TRON has set a new ATH in the last seven years. TRX last hit an all-time high of $0.35 in January 2018.
After weeks and months of range price trading, TRON began to rise from lows of $0.164 on Nov. 26. TRON's rise saw it break through its April 2021 high of $0.1844 to move upward.
The rally gained traction in yesterday's trading session, when TRX broke out of its November range with resistance at $0.225, exceeding its previous all-time high of $0.35.
In a massive green candlestick, TRON sprung from lows of $0.22 to $0.45, setting a new all-time high and beating its previous six or nearly seven-year high reached in January 2018. Tron had earlier rallied for three days in a row, with bulls building on that momentum.
At the time of writing, TRX was trading at $0.392, up 67% in the last 24 hours and up 97% in the last seven days. TRON's daily trading volume has increased 543% to $15.18 billion, matching its price increase.
Tomiwabold OlajideTRX's market capitalization has already reached $33.9 billion, hitting a record high. This has boosted TRON into the top 10 cryptocurrencies, where it is now in 10th place. TRON's revenue also reached an all-time high (ATH) on Dec. 3, totaling $20 million in a single day.
Key reasons explained
Aside from a technical breakout that fueled the TRON price increase, the larger altcoin market has been in a bullish trend, known as "altcoin season." During this time, other cryptocurrencies such as TRX typically outperform Bitcoin. TRX's impressive gains have been part of this larger trend, benefiting from the overall positive sentiment in the altcoin market.
The TRON blockchain has also seen significant growth; as of the start of November, TRON reported a global user base of over 270 million accounts and 8.8 billion transactions.
TRON has been forging strategic partnerships and expanding its use cases, contributing to its growing adoption.
TRON recently announced participation in the Chainlink Scale program, which will provide developers with Oracle services while expanding the prospects for Chainlink and TRON's stablecoins and real-world assets (RWAs).
Denys Serhiichuk
Dan Burgin
Vladislav Sopov