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

Pacioli.ai Integrates USDC Payments and Rewards for Disclosure Reliability Analysis

PRESS RELEASE Zug, Switzerland, December 10, 2024 — Auditchain Labs AG, developer of Pacioliai, the world’s first RegFi protocol, is excited to announce the integration of USDC payments into

DWF Labs launches $20M fund to boost autonomous AI agents in Web3

DWF Labs, a prominent crypto market maker and investor, has unveiled a $20 million fund to foster the development of autonomous AI agents, according to a Dec 10 statement This initiative reflects the

Crypto Bloodbath: $1.69 Billion Liquidations as BTC, ETH, XRP Crash

The post Crypto Bloodbath: $169 Billion Liquidations as BTC, ETH, XRP Crash appeared first on Coinpedia Fintech News The overall cryptocurrency market appears to be bleeding, with major

Efficiency Meets Power: Microbt Launches New Whatsminer Bitcoin Miners in Abu Dhabi

Microbt, the well-known developer of Whatsminer application-specific integrated circuit (ASIC) bitcoin miners, revealed an exciting trio of new mining machines during the Bitcoin MENA Conference in

Microsoft Bitcoin Vote Ends with Shareholders Declining Crypto Investment

The post Microsoft Bitcoin Vote Ends with Shareholders Declining Crypto Investment appeared first on Coinpedia Fintech News In the latest development, Microsoft shareholders have rejected the

Microsoft Shareholders Vote Against Bitcoin Investment Proposal

The post Microsoft Shareholders Vote Against Bitcoin Investment Proposal appeared first on Coinpedia Fintech News Microsoft’s shareholder vote on the Bitcoin investment proposal has finally