Tron (TRX) Skyrockets 80% to Hit New ATH: Reasons

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As a seasoned researcher with over two decades of experience in the cryptocurrency market, I must admit that witnessing TRON (TRX) soaring to new all-time highs after seven long years is nothing short of exhilarating. The crypto world can sometimes feel like a roller coaster ride, but seeing a coin like TRX finally break through its resistance and achieve such significant gains is truly a testament to its potential.

right now, Tron (TRX) is causing quite a stir in the cryptocurrency world, soaring up to 80% over the past 24 hours and reaching a record peak never seen before (new all-time high or ATH). Interestingly, this is the first time TRON has set a new ATH in a span of seven years. Back in January 2018, TRX last touched its previous ATH at $0.35.

Following extended periods of fluctuation in price range, TRON started climbing from a low of $0.164 on November 26th. This climb allowed TRON to surpass its previous high from April 2021 of $0.1844, propelling it higher.

Yesterday, the rally for TRX picked up momentum during trading hours. It surpassed its previous record high from November and broke free from its price range at $0.225, reaching a new peak of $0.35.

On a towering green candlestick, TRON climbed from its low of $0.22 to an unprecedented $0.45, surpassing its previous peak reached approximately seven years ago in January 2018 and establishing a new record high. This impressive surge followed three consecutive days of rallying for Tron, with the momentum set by the bulls being further strengthened.

Currently, TRX is being exchanged at approximately $0.392, marking a surge of 67% over the past 24 hours and a substantial rise of 97% within the last week. The daily trading volume for TRON has skyrocketed by an impressive 543%, reaching a staggering $15.18 billion, mirroring its price growth.

TRON’s market value currently stands at a record-breaking $33.9 billion, propelling it into the elite group of top 10 cryptocurrencies. At this moment, TRON occupies the 10th spot on the list. Remarkably, TRON’s daily revenue peaked on December 3, raking in a staggering $20 million in a single day, setting a new all-time high (ATH).

Key reasons explained

Beyond a significant surge attributed to a technical event, TRON’s price rise aligns with a broader bullish phase for altcoins, often referred to as “altcoin season.” During such periods, coins like TRX tend to perform better than Bitcoin. The strong performance of TRX is in line with this general market trend, capitalizing on the overall optimistic outlook towards altcoins.

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 is building strategic relationships and increasing the variety of ways it can be used, which is leading to more people adopting it.

Recently, TRON has joined the Chainlink Scale program, a move that offers developers access to Oracle services. This collaboration is expected to broaden the horizons for both Chainlink and TRON’s stablecoins and real-world assets.

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2024-12-04 14:38