TRON (TRX) reaches a new all-time high after nearly 7 years

Share This Post

TRON (TRX) reached a new all-time high at $0.41, nearly seven years after the first time it registered its last price peak, according to TradingView data.

The new all-time high comes after a 81% price leap over the past 24 hours, making TRX the 10th largest crypto by market cap.

TRX’s previous price record was $0.23 on Jan. 4, 2018. The price increase comes amid Bitcoin’s (BTC) choppy movement in the past few days, as the market fights to gather buying pressure to counter long-term holders’ realizing profits. In the past 24 hours, BTC slumped 0.8%, priced at $95,487.17 as of press time.

Additionally, Ethereum (ETH) is struggling with a 1.1% correction, priced at $3,582.62. ETH price increases traditionally led other altcoins to good performances in past bull cycles, which made TRX reach a new price peak before ETH shift market movements.

Over the past 30 days, TRX has climbed 164%.

There is no apparent reason behind the TRX price increase. TRON’s network is famous for its stablecoin usage, especially regarding Tether USD (USDT) transfers.

According to Artemis data, in the past 30 days, TRON reached $24.3 billion in stablecoin transfer volume, only bested by Ethereum’s $35 billion. Additionally, the stablecoin supply in the network is $59.6 billion, the second largest.

Justin Sun launched TRON in late 2017 amid the initial coin offering (ICO) frenzy that marked that bull run. The network was created to be an “Ethereum killer,” a title given to several layer-1 blockchains that aim to be faster than Ethereum as an infrastructure for smart contracts.

The post TRON (TRX) reaches a new all-time high after nearly 7 years appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Bitcoin Price Prediction: Analyst Releases Bullish End Of Year Forecast Despite Failure At $100,000

The Bitcoin price seems to be facing somewhat of a price failure since it crossed above the $100,000 price level In the few hours after crossing above this psychological threshold, the Bitcoin price

Dogecoin Price Could Hit Double Digits If It Follows 2 Sub-Cycle Surges From 2017

Crypto analyst Trader Tardigrade has predicted that the Dogecoin price could hit double digits if it repeats historical patterns from the 2017 bull run The analyst had previously predicted that

Dedollarization Is Not Our Objective: India Clarifies Currency Goals

ndia rejects de-dollarization narratives, with the Reserve Bank of India (RBI) prioritizing local currency trade agreements to shield its economy from dollar volatility and global uncertainties RBI

Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins

The post Bitcoin Price Prediction: BTC Dominance Drops, Altcoin Season Begins appeared first on Coinpedia Fintech News Bitcoin is currently trading above the historic and crucial $100k level and is

XRP Price Prediction For December 8

The post XRP Price Prediction For December 8 appeared first on Coinpedia Fintech News Ripple’s XRP is up by more than six percent in the last 24 hours and is trading near the $260 levels XRP is

Elon Musk Laughs Off OpenAI CEO’s Tweet On Sacks’ Appointment – Here’s The Scoop

The rivalry between two respected tech giants continues, which is evident in a congratulatory post that might have reignited the rift between the two former allies in AI tech SpaceX CEO Elon Musk