TRX hits a record high of $20 billion. Will December usher in the altcoin season?

Author: Zoltan Vardai, CoinTelegraph; Compiled by: Baishui, Jinse Finance

The market value of the Tron token has exceeded a record $20 billion, sending another bullish signal for the altcoin market in 2025.

Data shows that as of 10:20 am UTC on December 3, the price of Tron has risen by more than 13% in 24 hours, setting a record high of $0.23.

TRX/USD, 1-day chart. Source: Cointelegraph

TRX is up 42% on the monthly chart and is up over 101% year-to-date.

TRX’s all-time high comes after Tron founder Justin Sun revealed he had become the largest investor in Donald Trump’s crypto project after investing $30 million in WLFI tokens on November 25.

Source: Justin Sun

Some analysts said the all-time high set by the TRX token is the latest sign of a potential altcoin season that could lead to a smaller cryptocurrency rally in December.

More and more analysts expect that the altcoin season will continue until early 2025, and Ethereum may rise to $4,000 before the inauguration of US President-elect Trump on January 20.

Analysts focus on December altcoin season as Bitcoin dominance declines

Meanwhile, Bitcoin dominance fell below its two-year support line on November 30, another signal that the altcoin season may have begun.

The decline in Bitcoin dominance suggests that investors are taking profits from their Bitcoin positions and investing part of their funds in altcoins.

Cryptocurrency market flows. Source: Rekt Capital

Trader Mikybull Crypto said in a Dec. 3 post that the December altcoin rally has already begun, based on historical patterns in the proportion of altcoins falling relative to Bitcoin’s market cap:

“The altcoin season for this cycle has begun. This is a perfect indicator of an altcoin season.”

Other Cryptos/BTC, 1-month chart. Source: Mikybull Cryptocurrency

However, altcoins have benefited from other catalysts beyond technical chart patterns.

Global Google searches for Tron tokens rose to their highest point in more than 39 months, last seen in September, according to Google Trends data.

Tron tokens, 1-year chart. Source: Google Trends

He said on Nov. 21 that the growing interest could be partly due to Justin Sun, who also spent $6.2 million on a piece of banana art taped to a wall.

Early signs of altcoin season can also be spotted on other cryptocurrency charts.

Top 100 cryptocurrencies, 1-month chart. Source: Cryptobubbles.net

Hedera (HBAR) tokens have gained more than 763% over the past month, making them the best performing coin among the 100 largest cryptocurrencies in November, according to Cryptobubbles data.

The token has seen growing retail interest after a Nov. 12 filing revealed that investment firm Canary Capital is looking to launch an exchange-traded product (ETP) based on Hedera.