TRX Soars, Bitcoin Dips: Is Altcoin Season Here?

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The long-awaited altcoin season appears to be in full swing, with several altcoins hitting new all-time highs and seeing record trading volumes. One of the biggest winners is Tron (TRX), which has now surpassed a $20 billion market cap. The token recently surged to $0.23, up 13% in the last 24 hours.

Over the past month, TRX has climbed 42%, with a remarkable 101% gain year-to-date (YTD).

TRX’s recent all-time high comes shortly after Justin Sun, the founder of Tron, made waves by investing $30 million in Donald Trump’s crypto venture, World Liberty Financial (WLFI), on November 25. This investment has made Sun the largest investor in WLFI tokens, further fueling interest in TRX.

We are thrilled to invest $30 million in World Liberty Financial @worldlibertyfi as its largest investor. The U.S. is becoming the blockchain hub, and Bitcoin owes it to @realDonaldTrump! TRON is committed to making America great again and leading innovation. Let's go! pic.twitter.com/cISTsVYP1f

— H.E. Justin Sun (@justinsuntron) November 25, 2024

Analysts Predict Altcoin Rally Continues Into 2025

Analysts believe that tokens like TRX could set the stage for other altcoins to surge in December. Some expect an altcoin rally to continue into early 2025, with Ethereum potentially reaching $4,000 before President Trump officially takes office.

Meanwhile, Bitcoin dominance fell below its two-year support line on November 30, hinting that the altcoin season might be starting. This decline suggests that investors are shifting profits from Bitcoin into altcoins, a pattern that often signals a shift in market dynamics.

Popular Traders Confirm Altcoin Season

The altcoin rally is not just a technical chart trend—there are signs of increasing interest in these tokens. Trader Mikybull took to X (formerly Twitter) to announce that the altcoin season has begun.

Furthermore, Google searches for Tron hit a three-month high of 39, the highest level since September, after Sun made headlines by purchasing a $6.2 million banana art piece on November 21.

XRP and Hedera Shine Bright

XRP has also been making significant gains, trading at $2.73, up 16% in the last 24 hours and over 100% in the past week.

Hedera (HBAR) was another standout, rallying a massive 763% in November. The surge in HBAR’s price followed news that Canary Capital had filed to launch a Hedera-based ETP on November 12, driving up retail interest in the token.

Bitcoin to Crash?

Despite the altcoin surge, many analysts are still debating the future of Bitcoin. On-chain analyst Ali Martinez has pointed out that some analysts are predicting a Bitcoin price crash, but he suggests that Bitcoin often goes against the crowd’s expectations. If the current cycle plays out like the previous two, BTC could reach $120,000-$150,000 before experiencing a 30% correction.

From time to time, I check what some of my favorite analysts are thinking to see if I’m missing something. And right now, I think I’m missing something.

Many are talking about a potential #Bitcoin $BTC price crash…

Here’s what they are saying

— Ali (@ali_charts) December 2, 2024

Martinez has identified two key support levels: $93,580 and $90,520. If these levels are broken, it could signal a shift to a bearish market, presenting an opportunity for investors to buy in at lower prices.

The market’s momentum is undeniable—2025 could usher in a new chapter for altcoins and Bitcoin alike.