Talking about the data of the past one month, TRX has surged over 164%. Any evident reason behind the price increase of TRX has not been identified yet.
Artemis Data, a data stack monitoring platform has reported that, TRON attained $24.3 billion in stablecoin transfer volume, only defeated by $35 billion of Ethereum.
The network of TRON is well known for its stablecoin usage, specifically concerning Tether USD (USDT) Transfers.
TRON (TRX) has shown an outstanding performance by reaching an all-time high and is now trading at $0.41. The event has happened first time in the last seven years since it attained it last all-time high.
In the last 24 hours, a price leap of 81% happened and after that, this new all-time high was recorded, which pushed TRX to be the 10th largest cryptocurrency in terms of market capitalization.
On January 4, 2018, the price of the all-time high that was recorded hovered around $0.23. This price increase is witnessed amid a continued upward trajectory of Bitcoin in the past few days, as market struggles to accumulate buying pressure to counter the realizing profits of long-term holders.
Leading cryptocurrencies helped other altcoins
In the past one day the price of Bitcoin was up by 1.44% and is trading at $96,799, at the time of writing. Adding more to this, Ethereum (ETH) is up by 2.58% and is currently trading at $3,705. These price increases by the leading cryptocurrencies has eventually helped other altcoins to perform well in the past bull cycles, which led TRX to attain a new price peak before Ethereum shift market movements.
Talking about the data of the past one month, TRX has surged over 164%. Any evident reason behind the price increase of TRX has not been identified yet. The network of TRON is well known for its stablecoin usage, specifically concerning Tether USD (USDT) Transfers.
What does the data reveal?
Artemis data, a data stack monitoring platform has reported that, TRON attained $24.3 billion in stablecoin transfer volume, only defeated by $35 billion of Ethereum. Adding more to this, the stablecoin supply in the network stands at $59.6 billion which is considered as the second largest.
Justin Sun introduced TRON towards the end of 2017 at the time of initial coin offering (ICO) frenzy that noted that bull run. The network was made to be referred as “Ethereum killer” which is a title given to several layer-1 blockchains that targets to be swifter than Ethereum as an infrastructure for smart contracts.
Initially, it was an Ethereum-based ERC token, but then after some time, it shifted its protocol to its own blockchain in 2018.
