TRON (TRX) has surged to a new all-time high of $0.41, marking its first peak in nearly seven years, as per TradingView data. This remarkable 81% surge over the last day has propelled TRX into the position of the 10th largest cryptocurrency by market capitalization.
The cryptocurrency had previously set its high at $0.23 on January 4, 2018. This significant price movement occurs amidst Bitcoin’s (BTC) recent fluctuating performance, as the market attempts to build enough buying momentum to offset the impact of long-term investors cashing in. In contrast, BTC has seen a slight decline of 0.8% in the last 24 hours, standing at $95,487.17, while Ethereum (ETH) faces a 1.1% drop, priced at $3,582.62.
Interestingly, ETH’s historical influence on boosting other altcoins during bull runs might have played a role in TRX’s remarkable leap ahead of any major shifts by Ethereum. Over the past month, TRX has seen an impressive 164% increase in its value.
The reasons behind TRX’s price jump are not immediately clear. However, TRON’s network is notably popular for its stablecoin transactions, particularly with Tether USD (USDT). Data from Artemis highlights that in the last 30 days, TRON has processed $24.3 billion in stablecoin transfers, trailing only behind Ethereum’s $35 billion. Furthermore, the network holds the second-largest stablecoin supply at $59.6 billion.
Justin Sun introduced TRON to the crypto scene in late 2017 during the peak of the initial coin offering (ICO) craze, positioning it as a potential “Ethereum killer.” This ambition aimed at establishing TRON as a superior layer-1 blockchain for hosting smart contracts, promising faster execution than Ethereum.
