TRX reaches a new all-time high after nearly 7 years

Tron ($TRX) reached a new all-time high at $0.31, nearly seven years after the first time it registered its last price peak, according to TradingView data.

The new all-time high comes after a 41% price leap over the past 24 hours, making $TRX the 11th largest crypto by market cap.

$TRX’s previous price record was $0.23 on Jan. 4, 2018. The price increase comes amid Bitcoin’s ($BTC) choppy movement in the past few days, as the market fights to gather buying pressure to counter long-term holders’ realizing profits. In the past 24 hours, $BTC slumped 0.8%, priced at $95,487.17 as of press time.

Additionally, Ethereum ($ETH) is struggling with a 1.1% correction, priced at $3,582.62. $ETH price increases traditionally led other altcoins to good performances in past bull cycles, which made $TRX reach a new price peak before $ETH shift market movements.

Over the past 30 days, $TRX has climbed 89%. Although notable for a single asset, it is still below the market average performance of 102.3% over the same period, according to Artemis data.

There is no apparent reason behind the $TRX price increase. Tron’s network is famous for its stablecoin usage, especially regarding Tether USD (USDT) transfers.

According to Artemis data, in the past 30 days, Tron reached $24.3 billion in stablecoin transfer volume, only bested by Ethereum’s $35 billion. Additionally, the stablecoin supply in the network is $59.6 billion, the second largest.

Justin Sun launched Tron in late 2017 amid the initial coin offering (ICO) frenzy that marked that bull run. The network was created to be an “Ethereum killer,” a title given to several layer-1 blockchains that aim to be faster than Ethereum as an infrastructure for smart contracts.