TRON (TRX) has recently hit a new all-time high at $0.41, nearly seven years after its last peak, according to TradingView data. This significant milestone comes after an impressive 81% surge in price over the past 24 hours, propelling TRX to become the 10th largest cryptocurrency by market capitalization.
The previous record high for TRX was $0.23 back on January 4, 2018. This latest price surge is occurring amidst some fluctuation in Bitcoin’s movement, as the market grapples with balancing buying pressure against long-term holders realizing profits. As of the latest data, BTC has experienced a slight 0.8% dip in price, currently priced at $95,487.17.
In addition, Ethereum (ETH) is facing a 1.1% correction, with a price of $3,582.62. Historically, ETH price increases have often paved the way for positive performances in other altcoins during bull cycles, including TRX’s recent price peak prior to any significant movement in ETH’s market dynamics.
Over the past month alone, TRX has seen an impressive 164% increase in value. While the exact catalyst for this surge remains unclear, TRON’s network is widely recognized for its utilization of stablecoins, particularly in terms of Tether USD (USDT) transfers.
Artemis data reveals that within the last 30 days, TRON has seen a total stablecoin transfer volume of $24.3 billion, second only to Ethereum’s $35 billion. Furthermore, the stablecoin supply within the TRON network stands at $59.6 billion, ranking as the second largest in the industry.
TRON was launched by Justin Sun in late 2017 during the height of the initial coin offering (ICO) craze of that bull market cycle. Positioned as an “Ethereum killer,” TRON aims to offer a faster infrastructure for smart contracts compared to Ethereum and other layer-1 blockchains.
In conclusion, TRON’s recent achievement of reaching a new all-time high after nearly seven years underscores the network’s growing prominence in the cryptocurrency space. The future looks bright for TRX as it continues to make waves in the market.