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Some cryptocurrencies are already displaying signs of an early altseason, such as Hedera’s HBAR, which rallied 763% in the past month.
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The Tron token has surpassed a record $20 billion in market capitalization, flashing another bullish signal for altcoins leading into 2025.
The Tron (TRX) price hit a new all-time high of $0.23 after the token rose over 13% in the 24 hours leading up to 10:20 am UTC on Dec. 3, Cointelegraph data shows.
TRX/USD, 1-day chart. Source: Cointelegraph
TRX is up 42% on the monthly chart and over 101% year-to-date (YTD).
TRX’s new all-time high comes shortly after Tron founder Justin Sun revealed he had become the largest investor in Donald Trump’s crypto project after investing $30 million in World Liberty Financial (WLFI) tokens on Nov. 25.
Source: Justin Sun
The TRX token’s new all-time high is the latest signal of a potential altcoin signal that could see smaller cryptocurrencies rally during December, according to some analysts.
Increasingly more analysts expect an altcoin season leading into early 2025, which could see Ether (ETH) rise to $4,000 before Jan. 20, when United States President-elect Trump officially takes office.
Related: Bitcoin liquidity index points to $110K local BTC top by January 2025
Analysts eye December altseason due to falling Bitcoin dominance
Meanwhile, Bitcoin (BTC) dominance fell below its two-year support line on Nov. 30 in another signal of the potential commencement of altcoin season leading into 2025.
Declining Bitcoin dominance suggests that investor are taking profit from their BTC positions and investing part of these funds into altcoins.
Crypto market flow. Source: Rekt Capital
December’s altcoin rally has already started based on historical patterns emerging on the declining ratio of altcoins relative to Bitcoin’s market capitalization, popular trader Mikybull Crypto shared in a Dec. 3 X post:
“Altseason for this cycle begins. This is the perfect indicator for altszn.”
OTHERS/BTC, 1-month chart. Source: Mikybull Crypto
However, altcoins also benefit from other catalysts beyond technical chart patterns.
Looking at the Tron token, worldwide google searches for the coin rose to an over three-month high of 39, last seen in September, Google Trends data shows.
Tron token, 1-year chart. Source: Google Trends
Part of the growing interest may be attributed to Tron founder Just Sun, who bought a $6.2 million art piece consisting of a banana taped to a wall at a New York auction, he announced on Nov. 21.
Related: Grayscale’s crypto portfolio up 85%, driven by triple-digit altcoin gains
Early signs of an altcoin season can also be spotted on other cryptocurrency charts.
Top 100 cryptocurrencies, 1-month chart. Source: Cryptobubbles.net
The Hedera (HBAR) token was November’s best performer among the 100 largest cryptocurrencies after rallying over 763% during the past month, Cryptobubbles data shows.
The token saw growing retail interest after a Nov. 12 filing revealed that investment firm Canary Capital is seeking to launch a Hedera-based exchange-traded product (ETP).
Bitcoin Could Explode After $100K—Here’s Why. Source: YouTube
Magazine: Is Bitcoin heading back to $90K? Solana ETFs, and more: Hodler’s Digest, Nov. 17 – 23
This article first appeared at Cointelegraph.com News
