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 hits $20B record high, flashing ‘altseason’ signal for December image 0

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 followed Tron founder Justin Sun revealing 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.

TRX hits $20B record high, flashing ‘altseason’ signal for December image 1

Source: Justin Sun

According to some analysts, the TRX token’s new all-time high is the latest signal of a potential altcoin season that could see smaller cryptocurrencies rally during December.

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 .

Declining Bitcoin dominance suggests that investors are taking profit from their BTC positions and investing part of these funds into altcoins.

TRX hits $20B record high, flashing ‘altseason’ signal for December image 2

Crypto market flow. Source: Rekt Capital

December’s altcoin rally has already begun, based on historical patterns emerging amid the declining ratio of altcoins relative to Bitcoin’s market capitalization, trader Mikybull Crypto said in a Dec. 3 X post:

“Altseason for this cycle begins. This is the perfect indicator for altszn.”
TRX hits $20B record high, flashing ‘altseason’ signal for December image 3

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 .

TRX hits $20B record high, flashing ‘altseason’ signal for December image 4

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

Part of the growing interest may be attributed to Tron’s  Sun, who also bought a $6.2 million  piece of art consisting of a banana taped to a wall, he said 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.

TRX hits $20B record high, flashing ‘altseason’ signal for December image 5

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 was seeking to launch a Hedera-based exchange-traded product (ETP).

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