TRX Breaks Record $20B In Market Cap As The Altcoins Season Kickstarts

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Looks like the altcoin season has already begun with various altcoins hitting new all-time highs and record volumes. Notably, Justin Son’s Tron has joined the trend as the token has surpassed a record $20 billion in market cap. The Tron price also hit $0.23 as it recorded a surge of over 13% in the last 24 hours. Impressively, TRX is up 42% on the monthly chart and over 101% year-to-date (YTD).

TRX Achieves New Highs

TRX’s all-time high comes just after the founder Justin Sun disclosed that he has invented a massive $30 million in Donald Trump’s crypto project on November 25. With this, he has become the largest investor in the World Liberty Financial (WLFI) tokens.

Smaller Tokens To Rally Next?

Analysts predict that tokens like TRX setting new all-time highs could set the stage for smaller tokens to rally in December. Notably, many analysts expect an altcoin season leading into early 2025, which could see Ethereum rise to $4,000 before President Trump officially takes office. 

Meanwhile, Bitcoin dominance fell below its two-year support line on Nov. 30 in another signal of the potential commencement of the altcoin season leading into 2025. The dropping Bitcoin dominance indicates that investors are taking profit from their BTC positions and investing part of them into altcoins.

December’s altcoin rally has already begun based on historical patterns emerging on the declining ratio of altcoins relative to Bitcoin’s market capitalization. Popular trader Mikybull also took to X to share that the altcoin season has begun.

Notably, altcoins also benefit from factors beyond technical chart patterns. Tron token, worldwide Google searches for the coin rose to an over three-month high of 39, last seen in September. The growing interest in the token could also be linked to Justin Sun, who announced on Nov. 21 that he bought a $6.2 million art piece consisting of a banana taped to a wall at a New York auction.

XRP, HBAR Rally

XRP has also continued to show an impressive surge and is currently trading at $2.73, up over 16% in the last 24 hours. The token has surged over a remarkable 100% in the last week. 

The Hedera (HBAR) token was November’s best performer among the 100 largest cryptocurrencies after rallying over a massive 763% during the past month. It saw an increase in retail interest after a Nov. 12 filing revealed that Canary Capital is seeking to launch a Hedera-based ETP.

Bitcoin To Crash?

A prominent on chain analyst, Ali Martinez, noted that many analysts are expecting a potential Bitcoin price crash. 

However, he noted that as Bitcoin tends to do the opposite of what the crowd believes, there is potential for BTC to go higher. If the current cycle behaves like the last two, BTC could go to $120,000-$150,000 before the first 30% price correction.

However, he has set his eyes set on two key support levels at $93,580 and the second one at $90,520, which may invalidate his bullish thesis and lead to the bearish scenario that some analysts predict. If both the levels are lost, he revealed that he will prepare his trading account for a major price correction to take advantage of such a unique buying opportunity.