Originally published on: December 04, 2024
Tron’s native token, TRX, surged dramatically on December 3, skyrocketing by 104% to hit an all-time high of $0.45, reminiscent of XRP’s famous ‘God candle’ phenomenon.
Over the past month, TRX has seen a remarkable 140% increase from its low of $0.16 on November 5, and within the span of the last week alone, it has surged by 94%.
Trading data from Cointelegraph Markets Pro and TradingView show TRX currently trading at $0.38, marking a staggering 70% rise in just 24 hours.
Accompanying this surge in TRX price is a surge in market activity, with daily spot trading volumes reaching a peak of $14.6 billion on December 4, showing a significant increase of 510% from the previous day.
This impressive performance has raised questions about the sustainability of TRX’s uptrend and whether the rally has reached overheated levels.
The surge in TRX’s price over the recent days has also led to a notable growth in its market capitalization, propelling it back among the top 10 largest cryptocurrencies by market value.
TRX’s market cap has soared by 65% within the last 24 hours, reaching a record high of $32.8 billion, setting an optimistic tone for the altcoin as it progresses into the future.
Notably, TRX is now valued higher than Avalanche (AVAX), which has slipped to the 11th position with a market value of $22 billion.
Remarks from Tron founder Justin Sun celebrate the network’s resilience and steadfast growth even after six years of existence.
The surge in TRX’s price is accompanied by a significant rise in open interest (OI) over the same period, indicating a fervent market sentiment and an anticipation of future price movements.
With an all-time high and a record market cap under its belt, TRX seems poised for further appreciation in the ongoing altcoin season, with some analysts forecasting an upside target of $1.80 for the token.
It’s important to note that all trading and investment decisions come with inherent risks, and readers are advised to conduct their own thorough research before making any financial decisions.
