Trump's Re-election Promises Friendly Cryptocurrency Regulation, Boosting Bitcoin and Altcoins Like Dogecoin, XRP, and Solana
Author: Andrew Hayward
Translation: Blockchain in Plain Language
Last month, Donald Trump successfully re-elected to the White House and promised to implement a more friendly cryptocurrency regulatory policy, which opened the floodgates for the market, causing cryptocurrency prices to soar.
Bitcoin (BTC) was the first to benefit, reaching new highs last month. However, after hitting a resistance near the $100,000 mark, investor interest began to shift towards a series of altcoins that took turns performing well.
1. Dogecoin Leads the Meme Coin Race
Dogecoin (DOGE) surged due to its association with Elon Musk and plans to co-lead an organization called the "Department of Government Efficiency" (yes, the acronym is DOGE). This original meme coin skyrocketed to its highest price in three years in late November and remains close to that level, also boosting the rise of several other well-known meme coins.
2. Altcoins Shine Brightly
According to CoinGecko, Solana (SOL) reached an all-time high of $263 in November, before pulling back to $235.
Ethereum (ETH), despite lagging significantly behind Bitcoin in gains this year, finally broke through last weekend, climbing to an eight-month high, surpassing $3,730.
However, the biggest recent gains came from some unexpected choices—tokens that had seen little upward movement for years, including several well-known legacy coins in the industry.
XRP stood out the most, as this asset widely used in the Ripple payment ecosystem surged significantly in the past few weeks, with a 30-day increase of over 400%.
This surge was primarily driven by optimistic market sentiment regarding regulatory clarity and expectations for the potential launch of spot trading platform exchange-traded funds (ETFs) and other financial products.
The excitement was further fueled by the announcement that Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, would be stepping down in January. During his tenure, the SEC's long-standing lawsuit against Ripple Labs had drawn significant attention. Following this news, XRP soared to a seven-year high on Monday, breaking through $2.82.
3. Unexpected Winners: Tron and Other Veteran Tokens
Tron (TRX) also made an unexpected rise, hitting an all-time high on Tuesday. Similar to XRP, Tron broke a seven-year record that had stood since January 2018, surging 69% that day, with prices nearing $0.37.
However, in this year-end rally, it wasn't just these older cryptocurrencies that attracted trading enthusiasm.
Hedera (HBAR) became the biggest winner among the top 100 cryptocurrencies by market cap this week, soaring 137% in seven days. IOTA also performed impressively, with a 130% increase, while Algorand (ALGO) rose 84% during the same period.
Other major cryptocurrencies that saw significant gains this week include Litecoin, Tezos, Chainlink, and EOS, while Cardano surged 200% over the past month.
4. Metaverse Tokens Make a Comeback
Even metaverse game tokens, such as The Sandbox (SAND) and Decentraland (MANA), have seen significant surges.
Indeed, this is the metaverse. It feels like a return to 2021, or perhaps a revival reminiscent of 2018, depending on the tokens you follow.
5. Summary
Bitcoin continues to hover around the $100,000 mark. After several unsuccessful attempts, Bitcoin peaked at $99,645 on November 22 and is currently priced at around $96,000.
Article link: https://www.hellobtc.com/kp/du/12/5569.html
Source: https://decrypt.co/294645/bitcoin-altcoins-dogecoin-xrp-tron-solana
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