Tron has surged 95% in a day and hit a new all-time high

Among the top-ranked cryptocurrencies by market cap, Tron was the only token to perform up to 95% in one day, while Bitcoin fell as low as $93,000 earlier today.

Tron (TRX), a cryptocurrency whose market cap increased by $36 billion, saw a big trading day with $10 billion in trading volume, or an increase of almost 500%. At the time of writing this article, the token price increased by 95% in one day, from $ 0.21 to $ 0.43.

The token, released for blockchain-based operating systems, surpassed its peak in June 2018 to reach an all-time high of $0.4, and the price jumped 157% in just one month.

1-Day TRX price chart, 26 October – 04 December 2024 | Source: crypto.news

As a blockchain with smart contract functions, they record transactions higher than Tether’s USDT. They have also become one of the most prominent blockchains for decentralized finance (DeFi) and transactions.

TRX is the only crypto token that holds the top spot in terms of market cap while others face challenging prices following Bitcoin’s drop to $93,000. Ethereum (ETH) and Ripple’s XRP (XRP) also fell 0.46% and 5.5% respectively in one-day trading.

Tron

Tron had already surpassed the $20 billion market cap on December 3 and is now worth over $36 billion. The target price may increase further as recent developments suggest that TRX will rise to as high as $1. This means the price will increase by 150% from the last price of $0.4.

There’s a reason for this goal: The company now processes over $196 billion worth of Tether’s USDT transactions, even larger than Visa’s. While their token circulation is also only 86 billion, the peak figure will be 11 billion in 2022, which means there is still room to grow with the ecosystem.