TRON (TRX) has hit a new all-time high of $0.2366. TRX’s current price level is the highest it has been since June 2018. The project’s market cap has also breached the $20 billion mark.
TRX has experienced a significant price spike in the last 24 hours. The asset is up 15.2% in the daily charts, 20.8% in the weekly charts, 15.6% in the 14-day charts, and 43.3% over the previous month. TRX’s price has also increased by 128.1% since December 2023.
Source: CoinGecko
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Why Is TRON Rallying?
TRX’s latest price spike could be due to a general market rally for altcoins. XRP and Cardano are up 14.5% and 16.4% in the daily charts, respectively.
The surge could also be due to an increase in institutional interest. WisdonTree recently submitted its S1 filing for a spot XRP ETF. Market participants may be anticipating an altcoin rally amid the development.
Source – The Tech Report
TRX’s rally could also be due to the positive market environment following Donald Trump’s recent victory. Trump’s pro-crypto stance may be a boon for the cryptocurrency market. Many anticipate lenient regulations under Trump’s leadership.
Also Read: Trump’s SEC Chair Selection: Prediction Markets Signal Major Regulatory Changes
Will The Asset Hit $0.50 Next?
According to CoinCodex, TRON (TRX) may consolidate around current levels. The platform anticipates the asset to dip to $0.222 by Dec. 31, 2024. Sliding to $0.222 from current price levels will translate to a correction of about 5.57%.
Source: CoinCodex
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There is also a possibility that TRX will not face a correction and continue to rally. President-elect Donald Trump may elect a “crypto czar” under his leadership. The development may trigger another market-wide rally. In such a scenario, TRX may continue to hit new all-time highs over the next few weeks.
