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

Tomarket Airdrop Alert: 80% of TOMA Tokens Set to Be Rewarded to Loyal Players

The post Tomarket Airdrop Alert: 80% of TOMA Tokens Set to Be Rewarded to Loyal Players appeared first on Coinpedia Fintech News Are you active in Tomarket Something interesting is happening on this

The Viral AI Crypto Being Raised by Crypto Meme Traders

The post The Viral AI Crypto Being Raised by Crypto Meme Traders appeared first on Coinpedia Fintech News Imagine giving crypto Twitter joint custody of an artificial intelligence Sounds like a

Bitcoin (BTC) Price Prediction (Dec 07th 2024)

The post Bitcoin (BTC) Price Prediction (Dec 07th 2024) appeared first on Coinpedia Fintech News Story Highlights Bitcoin price retests the $100k mark during the early Asian trading hours The

Caroline Crenshaw’s Reappointment: A Win for Gary Gensler’s US Crypto Regulation Agenda?

The post Caroline Crenshaw’s Reappointment: A Win for Gary Gensler’s US Crypto Regulation Agenda appeared first on Coinpedia Fintech News The Senate Banking Committee is gearing up for a crucial

Bitcoin Flash Crash Causes $710 Million In Crypto Long Liquidations

Data shows the cryptocurrency derivatives market has suffered a massive amount of liquidations after the Bitcoin flash crash during the past 24 hours Bitcoin Has Witnessed Significant Volatility

Former Federal Reserve President Says ‘Nothing Good’ Comes From Making BTC a Reserve Currency

A former New York Federal Reserve governor said there are no advantages to making bitcoin (BTC) a government reserve currency No Exit Strategy Bill Dudley, the former president of the Federal Reserve