TRON (TRX) has set an impressive new price milestone and reached a record high of $0.44, marking one of the most memorable events after nearly seven years since the coin last recorded its peak value.
TRON (TRX) hits new high at $0.44, up 81%
The incredible price surge comes as TRX surged 81% in just 24 hours, making it the 10th largest cryptocurrency by market capitalization. TRX’s previous ATH of $0.23 was recorded on January 4, 2018. The strong recovery comes amid recent volatility for Bitcoin (BTC), as the market struggles to attract more buyers and faces profit-taking pressure from long-term investors.
At the time of writing, ETH is also trending up slightly by 1.8%, currently trading at $3,687. ETH’s uptrend has often been a positive catalyst for other altcoins to perform well in previous bull cycles; and in this case, TRX was able to reach new highs before ETH made significant changes.
Over the past 30 days, the price of TRX has shown impressive growth with an increase of up to 164%. Although no specific reason has been identified as the key factor for this increase, the TRON network is notable for its stablecoin usage, especially in transactions involving Tether USD (USDT) . According to data from Artemis, over the past 30 days, TRON has recorded a stablecoin trading volume of $24.3 billion, second only to Ethereum at $35 billion. Furthermore, the total supply of stablecoins in the TRON ecosystem has now reached $59.6 billion, second only to Ethereum.
TRON was founded in late 2017 by Justin Sun during the booming ICO market. The network was developed with the ambition of becoming a “rival” to Ethereum, with the goal of creating a blockchain platform that is faster than Ethereum, serving the deployment of smart contract applications.
This article is for informational purposes only and is not intended to be a specific investment advice. Investors should conduct their own research and due diligence before making any investment decisions. We are not responsible for any investment decisions you make.
