The altcoin market is experiencing a remarkable surge, marking the beginning of what many believe to be the altcoin season. A variety of altcoins are reaching unprecedented all-time highs and recording significant trading volumes. Among these, Justin Sun’s Tron (TRX) has emerged as a standout performer, boasting a market capitalization exceeding $20 billion. The price of Tron recently reached $0.23, reflecting a surge of over 13% in just 24 hours. Impressively, TRX has climbed 42% on the monthly chart and has more than doubled year-to-date.
TRX Achieves New Highs
Tron’s ascent to new heights comes on the heels of a notable announcement from its founder, Justin Sun. On November 25, Sun revealed a substantial $30 million investment in Donald Trump’s cryptocurrency project. This strategic move positions him as the largest investor in the World Liberty Financial (WLFI) tokens, further solidifying Tron’s growing influence in the crypto market.
Smaller Tokens To Rally Next?
With TRX setting new benchmarks, analysts are forecasting a potential rally for smaller tokens in December. The anticipation of an altcoin season extending into early 2025 has many experts predicting Ethereum to reach $4,000 before President Trump officially assumes office. Meanwhile, Bitcoin’s dominance has dipped below its two-year support line as of November 30, signaling the possible onset of the altcoin season. This shift suggests that investors are reallocating profits from Bitcoin into altcoins.
Historically, December has been a favorable month for altcoin rallies, driven by the declining ratio of altcoin market capitalization relative to Bitcoin. Prominent trader Mikybull recently shared insights on social media platform X, affirming that the altcoin season is already underway. Beyond technical indicators, altcoins like Tron are gaining traction due to increased interest. Global Google searches for Tron have surged to a three-month high, driven in part by Justin Sun’s high-profile purchase of a $6.2 million art piece at a New York auction.
XRP, HBAR Rally
XRP is another altcoin experiencing a significant upswing, currently trading at $2.73 after a 16% increase in the past 24 hours. Over the last week, XRP has surged by an impressive 100%. Similarly, the Hedera (HBAR) token emerged as the top performer among the 100 largest cryptocurrencies in November, skyrocketing by 763%. This surge in retail interest was fueled by news of Canary Capital’s intention to launch a Hedera-based Exchange Traded Product (ETP) following a November 12 filing.
Bitcoin To Crash?
Despite the positive momentum in the altcoin market, there are concerns about a potential Bitcoin price correction. Noted on-chain analyst Ali Martinez highlighted that while many analysts predict a Bitcoin crash, the cryptocurrency often defies market expectations. If the current cycle mirrors previous ones, Bitcoin could reach between $120,000 and $150,000 before experiencing a 30% correction.
Martinez has identified two crucial support levels at $93,580 and $90,520. A breach of these levels could invalidate the bullish outlook and trigger a bearish scenario. In anticipation, Martinez is preparing his trading strategy to capitalize on any significant price corrections, viewing them as unique buying opportunities in the ever-evolving crypto landscape.
