Tron has reclaimed a new ATH, serving as a yardstick for other altcoins to chart related growth course.
Tron TRX $0.29 24h volatility: 1.4% Market cap: $27.80 B Vol. 24h: $1.17 B , the native token of Justin Sun‘s Tron network, has recorded a massive rally of more than 80% within 24 hours. Aside from the broader crypto market rebound, this surge comes in the wake of the political debacle in South Korea. Noteworthy, South Korea is home to one of the world’s largest and most reactive retail cryptocurrency markets.
The Tron (TRX) Price Spotlight
TRX price traded at $0.3797 at the time of this writing, corresponding with a 65.03% increase in 24 hours. At some point on Tuesday night, the price spiked to a high of over $0.4406 before returning to its current level.
Most netizens on X have attributed the surge to the troubles in South Korea. For the first time in over 40 years, the president of the Asian country, Yoon Suk-yeol, declared emergency martial law.
For more context, martial law in South Korea refers to the imposition of direct military control over civilian government functions. It is usually in response to a significant threat to public order. He called it off five hours later because lawmakers present at the national parliament voted unanimously against the declaration.
Not long after that, Rachael Lucas, a BTC Markets crypto analyst, stated:
“The recent rally in Tron (TRX) appears to be partly driven by political instability in South Korea.”
“TRX’s role as a widely used transfer token between exchanges, especially in South Korea, makes it a tool for traders looking to move funds across platforms quickly,” she added.
As a majorly retail-focused market, many traders in the country explored options to safeguard their funds. Judging by Tron’s dominance in the payment sector, the demand for the coin skyrocketed. This demand is reflected in the more than 540% rally in trading volume at $15.11 billion in 24 hours.
Per data from CoinMarketCap, this trading volume places TRX in the top 5 most traded altcoins. While it remains unclear whether this growth is sustainable, Tron has extended its Year-to-Date (YTD) gains to 265%.
Altcoins Joins the Uptrend
While Bitcoin BTC $109 044 24h volatility: 1.6% Market cap: $2.17 T Vol. 24h: $75.39 B set the pace for the uptrend over the past month, many altcoins are now advancing the bull stretch. Besides Tron, Binance Coin (BNB) has also printed a new ATH of $779.05 after jumping by over 19.65% in 24 hours.
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The Binance Coin growth may just be starting as PancakeSwap has launched Springboard. This platform is a meme coin launchpad it hopes will compete for market share from Solana’s Pump.Fun. With the potential surge in demand for BNB, the price may hit more uptrend.
In addition, XRP XRP $2.46 24h volatility: 4.6% Market cap: $147.84 B Vol. 24h: $5.49 B has outperformed the broader market in its 30-day gains after it soared 417%. With its price currently down by 31.21% from its ATH of $3.84, many in the community are convinced XRP will also reclaim this historic high in the short term.
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