Tron price hits new ATH above $0.24, breaking its 2018 record

Tron (TRX) reaches a historic milestone today, setting a new all-time high (ATH) after its price rose over 16% in 24 hours.

Tron has performed incredibly well in recent weeks. On November 3rd, TRX was priced at $0.1598 per token. According to data from CoinGecko, the token has since seen a 50.93% increase to a new all-time high (ATH) of $0.2412.

Prior to this new record, Tron’s previous all-time high was recorded in June 2018 when the price rose to $0.22. However, the token had to wait over six years before it finally reached a new record of $0.2412.

This milestone follows a multi-week rally that began on November 12th. At that time, the price of Tron rose by 12.72% from $0.1658 to $0.1869. After that, Tron saw slight gains until it recorded its largest daily increase of 16.2% on December 3rd. This rally pushed TRX price to the new ATH of $0.2412.

Massive whale activity

The development came shortly after the asset experienced a surge in whale activity. On December 2, data from IntoTheBlock showed that large transactions worth at least $100,000 increased 195.90% to 722 in 24 hours, compared to the previous day’s record of 244.

Interestingly, the total number of TRX traded during this period was 2.04 billion tokens, an increase of 238.63% from the 602.42 million TRX volume on December 1st.

It is worth noting that an increase in whale activity typically increases retail demand for the asset.

100% Tron addresses see profit

Although Tron has declined slightly from its peak price of $0.2358, all addresses holding TRX in on-chain wallets are currently recording profits.

IntoTheBlock’s Global In/Out of Money (GIOM) indicator shows that 159.35 million addresses, representing 100% of all Tron on-chain addresses, are in the money.

Amid the price surge, Tron’s market cap also rose to $20.9 billion today, marking a new ATH valuation for the asset. Despite a decline to $20.57 billion, Tron is still the 12th largest cryptocurrency on CoinGecko, ahead of Toncoin (TON), which boasts a market cap of $16.77 billion.