The altcoin market is experiencing a significant upswing, with numerous altcoins reaching new all-time highs and achieving record trading volumes. A notable entry to this trend is Justin Sun’s Tron, which recently saw its market capitalization exceed a remarkable $20 billion. The price of Tron has climbed to $0.23, marking an impressive 13% increase in the past 24 hours. Over the past month, TRX has surged by 42%, and it has more than doubled, showing a 101% increase year-to-date (YTD).
TRX Achieves New Highs
Tron’s recent peak coincides with a major investment announcement from its founder, Justin Sun. On November 25, Sun revealed he had invested a substantial $30 million in Donald Trump’s cryptocurrency initiative, making him the largest investor in World Liberty Financial (WLFI) tokens. This strategic move has undoubtedly contributed to the current bullish momentum for TRX.
Smaller Tokens to Rally Next?
Market analysts are speculating that TRX’s ascent could pave the way for smaller tokens to witness significant rallies in December. The anticipation of an extended altcoin season into early 2025 is growing, with expectations that Ethereum might hit $4,000 before the official commencement of Trump’s term. Meanwhile, Bitcoin’s dominance has dipped below its two-year support level as of November 30, hinting at a potential shift towards altcoins.
This decline in Bitcoin dominance suggests a pattern where investors are reallocating profits from BTC into altcoins. Historical trends support the idea of an altcoin rally in December, as the market capitalization ratio of altcoins relative to Bitcoin has shown a downward trajectory. Well-known trader Mikybull has also expressed confidence in the onset of the altcoin season.
Additionally, altcoins are drawing attention due to factors beyond technical indicators. For instance, global Google searches for Tron have surged to a three-month high of 39, comparable to levels last observed in September. This growing interest might be connected to Justin Sun’s recent high-profile purchase of a $6.2 million art piece at a New York auction, which has further elevated Tron’s visibility.
XRP, HBAR Rally
XRP has also been on a strong upward trajectory, currently trading at $2.73 after a 16% increase in the last 24 hours. Over the past week, XRP has more than doubled, showcasing a remarkable 100% rise. Similarly, Hedera (HBAR) emerged as November’s standout performer among the top 100 cryptocurrencies, experiencing an astounding 763% rally within the month. This surge was fueled by heightened retail interest following a November 12 filing indicating Canary Capital’s plans to launch a Hedera-based ETP.
Bitcoin to Crash?
On the Bitcoin front, prominent on-chain analyst Ali Martinez has noted that many analysts are anticipating a potential Bitcoin price crash. Contrary to prevalent beliefs, Martinez suggested that Bitcoin might defy expectations and continue to climb. If the current cycle mirrors the patterns of the last two cycles, Bitcoin could potentially reach between $120,000 and $150,000 before experiencing a 30% price correction.
Nevertheless, Martinez has identified two crucial support levels at $93,580 and $90,520. Should these levels be breached, it may negate his optimistic outlook and trigger a bearish scenario, as predicted by some analysts. In such a case, Martinez plans to prepare his trading account for a significant price correction, viewing it as a unique buying opportunity.
