In summary
- Following Donald Trump’s re-election and his promise of more Cryptocurrency-friendly regulations, cryptocurrency prices, led by Bitcoin, have boomed.
- Tokens such as Dogecoin, Solana, XRP and Tron have seen significant increases, driven by renewed investor interest and expectation of greater regulatory clarity.
- Cryptocurrencies like Hedera, IOTA, and Cardano have seen big recent gains, while metaverse tokens like SAND and MANA have also seen a boom in their prices.
After Donald Trump secured a second term in the White House last month—with the promise of friendlier regulation for cryptocurrencies—the floodgates have reopened, and cryptocurrency prices are booming.
Bitcoin (BTC) led the charge, with the leading cryptocurrency hitting new highs last month. Since hitting a wall just below $100,000, it is a rotating selection of altcoins that are now benefiting from renewed investor interest.
Dogecoin skyrocketed thanks to his connection to Elon Musk and plans for a Department of Government Efficiency (yes, DOGE) that he will co-lead. The original memecoin soared to a three-year high price in late November and remains not far off that mark, taking several other notable memecoins along for the ride.
Solana (SOL) has also soared, reaching a new all-time high of $263 in November, although it has since retreated to $235, CoinGecko data shows.
And Ethereum (ETH) — which famously lagged Bitcoin’s gains this year — finally gained momentum over the weekend, hitting an eight-month high above $3,730.
But some of the biggest winners lately have been surprise picks — tokens that haven’t seen much growth in years, including some of the industry’s best-known coins.
XRP has been the most significant, with the asset used in Ripple’s payments ecosystem skyrocketing in recent weeks, charting an increase of more than 400% in the last 30 days.
The rise has been driven by growing optimism around regulatory clarity and the potential introduction of spot exchange-traded funds and other financial products.
The enthusiasm has been further amplified by the announcement of the departure of Securities and Exchange Commission Chairman Gary Gensler in January, following his leadership of the agency’s multi-year case against Ripple Labs. of seven years on Monday, above $2.82.
Tron (TRX) is also having a surprise surge, with the asset jumping to a new all-time high price on Tuesday. Like XRP, Tron surpassed a seven-year high from January 2018 and is now up 69% on the day to a price of almost $0.37.
However, it is not the only long-running cryptocurrency that is capturing the trading excitement of this last-minute rush of the year.
Hedera (HBAR) is the biggest gainer in the top 100 coins by market cap this week, rising 137% in seven days. IOTA has nearly matched it with a 130% rise, with Algorand (ALGO) jumping 84% over the same period.
Other major gainers this week include Litecoin, Tezos, Chainlink and EOS, while Cardano is up 200% in the last month. Even metaverse gaming tokens like The Sandbox (SAND) and Decentraland (MANA) are soaring.
Bitcoin remains within range of the coveted $100,000 milestone after several close attempts in recent weeks, stopping at a high of $99,645 on November 22 and currently sitting around $96,000.
Edited by Sebastian Sinclair
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