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.
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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.
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.
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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%.
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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.
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