TRON (TRX) hit a new all-time high at $0.41, almost seven years after it first recorded its last price peak. according to to TradingView data.
The new all-time high comes after an 81% price jump in the past 24 hours, making TRX the 10th largest cryptocurrency by market cap.
TRX’s previous price record was $0.23 on January 4, 2018. The price surge comes amid Bitcoin’s (BTC) choppy movement in recent days as the market fights to build buying pressure to counter long-term holders’ realized gains . In the last 24 hours, BTC fell 0.8%, reaching a price of $95,487.17 at the time of writing.
Moreover, Ethereum (ETH) is experiencing a 1.1% correction, with a price of $3,582.62. ETH price increases traditionally led to good performance by other altcoins in previous bull cycles, helping TRX reach a new price peak before ETH shifted the market moves.
In the last 30 days, TRX is up 164%.
There is no clear reason behind the TRX price increase. TRON’s network is known for its use of stablecoins, especially with regard to Tether USD (USDT) transfers.
According to Artemis factsIn the past 30 days, TRON reached $24.3 billion in stablecoin transfer volume, surpassed only by Ethereum’s $35 billion. Moreover, the supply of stablecoins in the network amounts to $59.6 billion, the second largest.
Justin Sun launched TRON in late 2017 amid the initial ICO frenzy that marked this bull run. The network was created as an “Ethereum killer,” a title given to several layer 1 blockchains that aim to be faster than Ethereum as smart contract infrastructure.
The post TRON (TRX) hits a new all-time high after first appearing on CryptoSlate almost seven years ago.