The market cap of Tron (TRX) has seized a never-before $20 billion mark, pointing at a possible upswing in altcoin activity as the market heads into 2025. The token’s price touched an all-time high of $0.23, inking a 13% rise within 24 hours as of 10:20 am UTC on Dec. 3, per recent data.
TRX has shown strong performance, climbing 42% over the past month and pinning a huge 101% increase year-to-date (YTD). This surge followed a high-profile move by Tron founder Justin Sun, who announced on Nov. 25 that he had invested $30 million in World Liberty Financial (WLFI) tokens, making him the largest backer of Donald Trump’s crypto project.
We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let's go! pic.twitter.com/cISTsVYP1f
— H.E. Justin Sun (@justinsuntron) November 25, 2024
Market analysts suggest TRX’s rise could be an early indicator of an approaching altcoin season, with smaller cryptocurrencies expected to rally in December.
Analysts Predict Altseason Following BTC Dominance Decline
Altcoin season expectations are bolstered by Bitcoin’s (BTC) declining dominance, which dropped below a two-year support line on Nov. 30. Historically, such declines signal profit-taking from BTC positions, with funds shifting into altcoins.
Bitcoin ranging between $91,000 & $100,000 may very well be a recipe for Ethereum to take the lead and enable money flow into smaller Altcoins#BTC $ETH #Crypto pic.twitter.com/E5Il60sjzK
— Rekt Capital (@rektcapital) November 27, 2024
Crypto trader Mikybull Crypto reinforced this narrative in a Dec. 3 post on X (formerly Twitter), stating:
“Altseason for this cycle begins. This is the perfect indicator for altszn.”
Ether (ETH), for instance, is predicted to rise to $4,000 before Jan. 20, coinciding with the inauguration of President-elect Donald Trump.
Google Searches and Unique Catalysts
Beyond market trends, Tron (TRX) is also seeing a surge in global interest. Google Trends data shows searches for Tron reached a three-month high of 39 in December, a level last observed in September.
This spike in attention aligns with Justin Sun’s latest headline-grabbing move—his $6.2 million purchase of an artwork featuring a banana duct-taped to a wall. On Nov. 21, Sun shared on X:
“I’ve bought the banana. This is not just an artwork; it represents a cultural phenomenon that bridges the worlds of art, memes, and the cryptocurrency community.”
Sun also hinted at eating the banana as part of what he called a “unique artistic experience.”
I’m thrilled to announce that I’ve bought the banana !!! @SpaceX @Sothebys I am Justin Sun, and I’m excited to share that I have successfully acquired Maurizio Cattelan’s iconic work, Comedian for $6.2 million. This is not just an artwork; it represents a cultural phenomenon… pic.twitter.com/lAj1RE6y0C
— H.E. Justin Sun (@justinsuntron) November 21, 2024
Other Altcoins Join the Rally
Early signs of altseason are evident across other cryptocurrencies. Hedera (HBAR) emerged as November’s top performer among the 100 largest cryptocurrencies, rallying over 763% in a month.
The rally in HBAR was driven by growing retail interest following a Nov. 12 filing by Canary Capital to launch a Hedera-based exchange-traded product (ETP), according to Cryptobubbles data.
With TRX’s remarkable price action and broader market shifts, December appears poised to usher in a vibrant altcoin season. Coupled with unique catalysts like declining Bitcoin dominance and growing retail interest, the crypto landscape is shaping up for an exciting close to the year and a promising start to 2025.
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