TRX hits $20B record high, flashing ‘altseason’ signal for December

The Tron token has surpassed a record $20 billion in market capitalization, flashing another bullish signal for altcoins leading into 2025.

The Tron price hit a new all-time high of $0.23 after the token rose over 13% in the 24 hours leading up to 10:20 am UTC on Dec. 3, Cointelegraph data shows.

TRX is up 42% on the monthly chart and over 101% year-to-date (YTD).

TRX’s new all-time high followed Tron founder Justin Sun revealing he had become the largest investor in Donald Trump’s crypto project, after in World Liberty Financial (WLFI) tokens on Nov. 25.

According to some analysts, the TRX token’s new all-time high is the latest signal of a potential altcoin season that could see smaller cryptocurrencies rally during December.

Increasingly more analysts expect an altcoin season leading into early 2025, which could see Ether rise to, when United States President-elect Trump officially takes office.

Analysts eye December altseason due to falling Bitcoin dominance

Meanwhile, Bitcoin dominance fell below its two-year support line on Nov. 30 in another signal of the potential commencement of altcoin season.

Declining Bitcoin dominance suggests that investors are taking profit from their BTC positions and investing part of these funds into altcoins.

December’s altcoin rally has already begun, based on historical patterns emerging amid the declining ratio of altcoins relative to Bitcoin’s market capitalization, trader Mikybull Crypto said in a Dec. 3 X post:

“Altseason for this cycle begins. This is the perfect indicator for altszn.”

However, altcoins also benefit from other catalysts beyond technical chart patterns.

Looking at the Tron token, worldwide google searches for the coin rose to an over three-month high of 39, last seen in September, Google Trends data shows.

Part of the growing interest may be attributed to Tron’s Sun, who also bought a $6.2 million piece of art consisting of a banana taped to a wall, he said on Nov. 21.

Early signs of an altcoin season can also be spotted on other cryptocurrency charts.

The Hedera (HBAR) token was November’s best performer among the 100 largest cryptocurrencies after rallying over 763% during the past month, Cryptobubbles data shows.

The token saw growing retail interest after a Nov. 12 filing revealed that investment firm Canary Capital was seeking to launch a Hedera-based exchange-traded product (ETP).

Source: https://cointelegraph.com/news/trx-20-b-record-altseason-signal-december