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TRX hits $20B amid altcoin surge
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TRX hits $20B milestone amid altcoin season optimism
Key points:
TRX reached a record $20 billion market capitalization as its price surged 13% in 24 hours, hitting an all-time high of $0.23.
It has been up 42% monthly and has gained over 101% year-to-date (YTD). Falling Bitcoin dominance and strong performances by altcoins like TRX and Hedera’s HBAR indicate the onset of a potential altcoin season.
News - Tron (TRX) has broken its all-time market capitalization record, crossing $20 billion amid growing optimism about an upcoming altcoin season. TRX’s price surged 13% in the last 24 hours, reaching a new high of $0.23.
Year-to-date, TRX has gained over 101%, fueled by strong investor interest and strategic moves by Tron’s founder, Justin Sun. Sun recently revealed a $30 million investment in Donald Trump’s World Liberty Financial (WLFI) tokens, further driving attention to Tron.
Altcoin season indicators - The rise of TRX comes as analysts predict an altcoin season that could extend into early 2025. One key indicator is the decline in Bitcoin dominance, which fell below its two-year support line on November 30. Historically, falling Bitcoin dominance signals a rotation of funds from BTC into altcoins, boosting smaller cryptocurrencies.
Hedera (HBAR) has been another standout performer, rallying over 763% in November, making it the month’s best-performing token among the top 100 cryptocurrencies. The surge was bolstered by retail interest following Canary Capital’s announcement of a Hedera-based exchange-traded product (ETP).
Google Trends and growing retail interest - Global search interest for Tron has surged to a three-month high, according to Google Trends. This aligns with a broader increase in retail attention to altcoins. The heightened activity also ties to high-profile moves by Justin Sun, including his $6.2 million art purchase, which drew significant public attention.
With Tron’s record market cap, strong altcoin performances like Hedera’s, and declining Bitcoin dominance, early signs of an altcoin season are evident. As more funds flow into the altcoin market, December could see continued growth for tokens like TRX, further solidifying its bullish outlook.
Bitcoin needs $98K breakout to unlock $110K potential
Key points:
Bitcoin’s upside momentum has stalled, with the price rejecting the $96,000 level four times and falling to $94,812.
Breaching the $98,000 resistance is critical for Bitcoin to target $100,000 and beyond, with a potential high of $110,000 in early 2025.
News - Bitcoin’s recent rally, dubbed the "Trump Trade," has slowed as the cryptocurrency struggles to clear the $98,000 resistance. The price has consistently rejected the $96,000 level over the past week, with Bitcoin trading at $94,812 as of December 3.
Analysts agree that breaking through $98,000 is essential for Bitcoin to reclaim its bullish momentum and target six-figure prices. Crypto trader Michaël van de Poppe noted that $98,000 is a critical threshold, describing it as the entry point to the “magic wonderland of $100,000+.”
Path to $110,000 in early 2025 - According to technical chart patterns and correlations with the Global Macro Investor’s Total Liquidity Index, Bitcoin could reach $110,000 in January 2025. This index aggregates major central bank balance sheets and indicates that increasing liquidity could drive Bitcoin’s price higher.
Pseudonymous analyst DonAlt suggested that Bitcoin could see a "giga send" if it closes above $98,000, with a local top of $110,000. Conversely, losing support at $90,000 could trigger a dip to $80,000.
Bullish sign: Short-term holders stop selling - A promising indicator for Bitcoin’s price is the behavior of short-term holders (STHs), who have ceased profit-taking after driving recent rejections near $100,000. According to 21st Capital co-founder and COO Sina G, high Spent Output Profit Ratio (SOPR) values in November reflected significant profit-taking by STHs. Their current inactivity could pave the way for Bitcoin’s next leg up.
Bitcoin’s price trajectory hinges on its ability to breach the $98,000 resistance. While short-term holders pausing sales is a bullish signal, sustained momentum will be necessary to reach $100,000 and possibly $110,000 in early 2025. For now, Bitcoin remains range-bound, but analysts agree that six-figure valuations are only a matter of time.
MOODENG price soars 60% after Coinbase listing announcement
Key points:
MOODENG surged over 60% in the past 24 hours following its addition to Coinbase's listing roadmap.
It could test $0.7 if momentum continues, though risks of a pullback remain.
News - MOODENG, a rising star in the crypto market, experienced a 60% price surge after Coinbase revealed its addition to the exchange’s listing roadmap. This announcement triggered a spike in market activity, with key technical indicators reflecting strong bullish momentum.
The Average Directional Index (ADX), which measures trend strength, rose sharply from 14 to 21.6, signaling the emergence of a growing trend. Similarly, the Relative Strength Index (RSI) jumped from 32 to 80, suggesting strong buying pressure and a shift in market momentum.
Technical insights: Trend strength grows - The ADX, which ranges from 0 to 100, indicates a trend’s intensity, with values above 20 signaling a developing movement. MOODENG’s current ADX of 21.6 suggests the recent price rally may continue as momentum builds.
However, the RSI surpassing 70 places MOODENG in the overbought zone. While historically, MOODENG’s RSI has remained above 80 for several days before corrections, the current levels suggest that caution is warranted as the market could face increased volatility.
Can MOODENG maintain its rally? - If MOODENG sustains its current momentum, analysts predict a potential test of $0.7 as market enthusiasm builds around its upcoming Coinbase listing. This level represents a key psychological barrier and could further bolster investor confidence.
However, if the momentum falters, the price may retrace to test support levels around $0.32. Such a pullback would reflect the inherent volatility in cryptocurrency markets, particularly for assets like MOODENG.
MOODENG’s explosive rally highlights the impact of a Coinbase listing announcement on market sentiment. While the coin shows strong upward momentum, investors should remain cautious of potential corrections as technical indicators suggest overbought conditions. With the listing roadmap drawing attention, MOODENG could continue to capture the market’s interest in the near term.
Cambodia shuts down Binance, Coinbase, and 14 more exchanges over regulatory concerns
Key points:
Cambodia blocked access to 16 crypto exchange websites, including Binance and Coinbase, as part of a crackdown on unlicensed platforms.
The move is aimed at curbing illicit activities, with regulators targeting platforms operating without licenses from the Securities and Exchange Regulator of Cambodia (SERC).
Despite restrictions, mobile apps for blocked exchanges remain functional, reflecting Cambodia's complex stance on crypto regulation.
News - Cambodia has taken a bold step in its cryptocurrency crackdown, blocking access to 16 major crypto exchange websites, including Binance and Coinbase. The restrictions, enforced by the Telecommunication Regulator of Cambodia (TRC), target unlicensed platforms that fail to comply with the country’s regulatory framework.
The TRC’s directive also restricted 102 domains, including crypto exchanges and online gambling sites, under its efforts to reduce illegal activities tied to digital assets. However, mobile apps for these platforms remain accessible, highlighting the challenges of implementing a comprehensive ban in the digital age.
A cautious approach to cryptocurrency - While Cambodia restricts cryptocurrency exchanges, it is not entirely anti-crypto. Only two entities are authorized to operate under the SERC’s FinTech Regulatory Sandbox program, with strict prohibitions on facilitating exchanges between digital assets and fiat currencies.
Binance, despite its partnerships in Cambodia, was among the blocked platforms. The company expressed its commitment to working with local authorities to create a compliant crypto ecosystem.
Crypto crimes and Cambodia’s global reputation - Cambodia’s crackdown comes amid reports of the country being a hub for crypto-related crimes. A Chainalysis report revealed the involvement of Cambodian entities like Huione Guarantee in processing over $49 billion in crypto transactions since 2021, including scams and money laundering.
Criminal syndicates linked to Chinese networks have trafficked thousands of individuals into Cambodia, forcing them to participate in fraudulent cryptocurrency schemes. This has intensified global concerns about Cambodia’s role in crypto crimes.
Digital finance innovation vs. regulation - Despite its restrictions, Cambodia ranks among the top 20 countries for retail crypto usage per capita, with 70% of transactions occurring via centralized exchanges. The government has embraced digital innovation with initiatives like the Bakong payments system, which processed 200 million transactions in 2023.
The country plans to develop a comprehensive regulatory framework for digital assets under its FinTech Development Policy, aiming to balance financial innovation with crime prevention.
Global crypto crackdowns - Cambodia’s actions are part of a broader trend of increased global scrutiny on crypto platforms. Countries like Germany and the UK have imposed stricter regulations, targeting exchanges for failing to comply with anti-money laundering (AML) and Know Your Customer (KYC) protocols.
In the US, Coinbase continues to face legal challenges, with the SEC accusing it of operating as an unregistered securities exchange.
More stories from the crypto ecosystem
Interesting facts
The first-ever Bitcoin transaction on the Lightning Network occurred in 2018, enhancing Bitcoin’s scalability by enabling faster, cheaper off-chain transactions.
In 2021, the "Bitcoin Whitepaper" was auctioned as an NFT for nearly $50,000, marking a unique crossover between cryptocurrency and digital art.
The first well-known Decentralized Autonomous Organization (DAO), called "The DAO," was created in 2016, allowing members to vote on investment decisions through smart contracts.
Top 3 coins of the day
Solana (SOL)
Key points:
At press time, SOL was trading at $224.
Decreasing by approximately 0.66% over the last 24 hours, it still remains a top trending cryptocurrency, as per CoinMarketCap.
What you should know:
SOL was found to be in a consolidation phase on the daily chart following a recent uptrend. The Relative Strength Index (RSI) was at 49.91, reflecting neutral momentum with no strong overbought or oversold signals. Trading volume decreased compared to previous sessions, suggesting reduced market participation. A trendline drawn from recent lows showed that SOL has been maintaining its upward trajectory, using the trendline as support. Immediate support is identified at $220, aligning with the ascending trendline, while resistance is near $230, corresponding to recent highs. Traders should monitor these levels closely, as a break below the trendline could signal a potential reversal, whereas surpassing the resistance may indicate a continuation of the uptrend.
IOTA (IOTA)
Key points:
At press time, IOTA was trading at $0.5353.
Increasing by approximately 44.32% over the last 24 hours, it was the biggest gainer, as per CoinMarketCap.
What you should know:
The daily chart indicated a strong bullish trend for IOTA, with the Parabolic SAR dots positioned below the price confirming upward momentum. Moreover, the Stochastic RSI was in the overbought zone near 100, suggesting that the asset may be overvalued in the short term and could experience a pullback. Trading volume surged significantly, reflecting heightened investor interest. Immediate resistance is anticipated around $0.5756, aligning with the intraday high, while support is near $0.3684, corresponding to the intraday low. Traders should monitor these levels closely, as a break above resistance could signal continued upward movement, whereas a drop below support may indicate a potential reversal.
Kaspa (KAS)
Key points:
At press time, KAS was trading at $0.1541.
Decreasing by approximately 2.80% over the last 24 hours, it was one of the biggest losers, as per CoinMarketCap.
What you should know:
On the daily timeframe, KAS was highlighted by bearish momentum, with the price dipping toward the lower Bollinger Band. This suggested that selling pressure had intensified, pushing the price near oversold levels. The Chaikin Money Flow (CMF) remained positive at 0.15, hinting that capital inflows have still been active, though not enough to reverse the downtrend. Volume remained relatively stable, indicating a lack of substantial buying or selling pressure to drive significant price changes. Immediate support lies near $0.1536, which aligns with the 20-day Simple Moving Average (SMA), while resistance stands at the upper Bollinger Band, around $0.1687. Traders should watch for a decisive break below support, which could extend losses, or a rebound from these levels to signal recovery.
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