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

Bullish Power Surge or Fading Flame? XRP’s $2.60 Resistance in the Spotlight

XRP’s current trading performance reflects a tug-of-war between bullish momentum and short-term corrections, with its price resting at $256 XRP On the 1-hour chart, XRP experienced an intraday

Large Ethereum Transactions Grow As ETH Breaks Yearly Highs

Ethereum (ETH) is making headlines as it trends toward the $4,100 mark, reaching a new yearly high of $4,096 This milestone, just $3 above the previous high set in March, signals a potential

Global Crypto Power Plays: Which Governments Are Hoarding the Most Bitcoin?

Amid chatter about the US potentially establishing a strategic bitcoin reserve, conversations are buzzing about which governments already stockpile the largest bitcoin stashes Here’s a

Ethereum Price Could Reach New All-Time High With Little Resistance, Analyst Explains Why

The Ethereum price seems to be finally picking up some momentum after several weeks of trailing the remarkable Bitcoin price performance After kickstarting the week with sluggish price action, the

Paul Atkins to the Rescue: Crypto-Focused VCs Cheer Trump’s SEC Appointment

Cryptocurrency-focused venture capital firms are optimistic about President-elect Donald Trump’s selection of Paul Atkins as Securities and Exchange Commission (SEC) chair Trump’s Picks

Trump, Bitcoin, and the race for tokenized capital markets

The following is a guest article from Jesse Knutson, Head of Operations at Bitfinex Securities Donald Trump’s re-election victory and the massive success of the Bitcoin ETFs earlier in the year