TRON (TRX) has hit a significant milestone, reaching a new all-time high of $0.41 after nearly seven years. This impressive price surge of 81% over the past 24 hours has propelled TRX to become the 10th largest cryptocurrency by market cap.
The previous record high for TRX was set at $0.23 on January 4, 2018. This latest surge comes amidst a period of volatility for Bitcoin (BTC), which has seen a slight decline of 0.8% over the past day, currently trading at $95,487.17. Similarly, Ethereum (ETH) is experiencing a 1.1% correction, with a price of $3,582.62. Historically, ETH price increases have often paved the way for positive performances in other altcoins, leading TRX to its new price peak ahead of potential market movements influenced by ETH.
TRX has witnessed an impressive 164% increase over the past 30 days, with the reasons behind this surge not immediately clear. However, TRON’s network is renowned for its utilization of stablecoins, particularly in relation to Tether USD (USDT) transfers.
Recent data from Artemis shows that TRON has seen a substantial $24.3 billion in stablecoin transfer volume over the past month, ranking second only to Ethereum’s $35 billion. Additionally, the stablecoin supply within the TRON network stands at $59.6 billion, making it the second largest in the industry.
TRON was founded by Justin Sun in late 2017 during the ICO craze of that period. Positioned as an “Ethereum killer,” TRON aimed to provide a faster alternative to Ethereum for executing smart contracts on its platform.
In conclusion, TRON’s recent price surge to a new all-time high underscores its growing prominence within the cryptocurrency market. With its focus on stablecoin usage and potential for scalability, TRX is poised to continue making waves in the industry.
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