TRON (TRX) hits all-time high above $0.24 as hype rolls over from XRP
The post TRON (TRX) hits all-time high above $0.24 as hype rolls over from XRP appeared on BitcoinEthereumNews.com.
TRON (TRX) set a new all-time high as the price peaked at $0.24, and the token appears to have claimed the hype rollover from XRP. The L1 token appreciated gradually in 2024 before its big rally. TRON (TRX) vaulted its all-time record, achieved during its early historic rally in 2017. TRX traded close to $0.24, breaking its previous records above $0.22. In the past, TRX was seen as a possible candidate for rallying above $0.50 or even to $1. TRX appreciated gradually in 2024, rewarding patient investors after years of trading under $0.10. The asset spent months in stagnation, despite claims of high activity on its chain. TRX hovered sideways, similar to other assets like XRP, Cardano (ADA), and IOTA (IOTA). The recent shift to an altcoin market revived those old coins and tokens, with a rollover of enthusiasm. As the XRP rally stalled, TRX took over with a near-vertical rally. TRX gained more than 16% overnight as the other altcoin rallies slowed down while continuing to trade upward during Asian and European trading hours. The TRX rally may also run out of steam, as other old altcoins are lining up for fast overnight gains. However, TRX is unique for being an infrastructure token, supporting one of the most active L1 chains. TRX goes for sleeper rally after years as a key utility token TRX open interest is just $160M, a relatively small figure for a token ranked 11th based on its market capitalization. TRX may be on the verge of re-joining the top 10 assets if its rally continues. TRX trading still hinges on predominantly long positions, with the potential for a price reversal. After years of accumulation, the TRX rally coincided with the official altcoin season of late 2024. The altcoin season index expanded from 73 points to…
Filed under: News - @ December 3, 2024 3:23 pm