Amidst the bullish run in the crypto market, following Donald Trump's win in the US election on November 5, tokens like Xrp (XRP), Cardano (ADA) and Dogecoin (DOGE) are gaining while Bitcoin (BTC) has reached a new all-time high of $89,956. The latest addition to these top crypto performers is Tron (TRX) which has surged more than 10% in the 24 hours leading up to November 12.
Tron reached a market capitalisation of $15.85 billion and traded at $0.1835 because of this price jump. The TRX token has crossed its all-time high of $0.18 which was last seen in the 2021 bullish run when its value spiked 10-fold
The Tron price rally is indicative of the token gathering support at higher levels with further gains likely if the bullish trend continues. As per the Tron price chart, there is a strong uptrend which is pushing TRX towards a new high beyond the $0.20 mark as investors’ optimism is rising along with the technical momentum
Also, Tron is a blockchain leader in terms of the Total Value Locked (TVL) as it trails Solana and Ethereum with $7.33 billion in TVL. This shows the growing user engagement of the Tron network as well as the robust ecosystem.
The current surge in TRX price could be attributed to a recent tweet from Tron founder Justin Sun who said in a post on the X social media platform that a major update about the system is coming. Since then, the crypto market has been speculating that there might be a feature upgrade in the Tron network
Tron price could rally further if the update meets the market’s anticipation. The tweet from the Tron founder came at a time when the crypto market is riding a high bullish sentiment, fueled by Trump's win in the US election and hence investors are looking to cash in opportunities in the blockchain space.
If TRX sustains its beyond ATH rally and the bullish momentum continues it would mean a resurgence for the Tron network. The price rally is a reflection of the upside potential of the token as TRX is one of the top blockchains in terms of TVL.
At the time of writing, Tron was up 4.16% in the last 24 hours to trade at $0.1772 while the trading volume has risen 189% to touch $2.37 billion and the market cap stands at $15.29 billion, a surge of 3.65%.