Author: Yohan Yun, CoinTelegraph; Translated by: Deng Tong, Jinse Finance
With elected president Donald Trump winning the 2024 U.S. presidential election, Bitcoin hit an all-time high.
Trump is set to return to the White House, and he now seems to carry a pro-crypto stance. His campaign team has repeatedly promised support for the cryptocurrency industry, differing from the previous administration.
As Trump prepares for a comeback, this article reviews the landscape of cryptocurrency during his previous term. Since then, the industry has undergone significant transformation—half of the tokens that ranked in the top 10 during his last term have fallen out of the rankings.
Let's take a look at the current status of the top ten cryptocurrencies during Trump's last presidential term.
Bitcoin continues to hold the king's position
Bitcoin price on January 20, 2021: $35,302.18
Bitcoin price on November 11, 2024: $82,379.60
Since Trump last took office, Bitcoin has experienced more twists and turns than this elected president's campaign path. First, it hit an all-time high of around $67,000 in November 2021. Then came FTX—the collapse in November 2022 sent Bitcoin plummeting to $17,000, leaving everyone wondering if this journey was over.
Both Bitcoin and the global economy have gone through bear markets, with BTC struggling for much of the time.
However, like any good comeback story, Bitcoin is rebounding in 2024 as it becomes institutionalized through those shiny new spot exchange-traded funds (ETFs) in the U.S. stock market.
With Trump's victory marking the beginning of the end for crypto supervillain Gary Gensler of the SEC, analysts are focusing on the $100,000 milestone, which the asset has already broken through at $82,000.
Additionally, Bitcoin now hosts digital trinkets through Runes, such as Ordinals (iterations of non-fungible tokens) and some of the internet's most popular memecoins. So, while Bitcoin remains the gold standard of cryptocurrencies in the Trump 2.0 era, it has also found new ways to keep its appeal.
From undisputed king to second-layer lab rat
Ethereum price on January 20, 2021: $1,361.05
Ethereum price on November 11, 2024: $3,175.47
ETH is the undisputed monarch in the realm of smart contracts, ruling over a kingdom of decentralized applications. Now, the crown is not as secure, and the network faces some fierce competition.
Solana is a fast, dazzling newcomer, currently ranked fourth by market capitalization, leading the charge among 'Ethereum killers.'
However, Ethereum chose a different route to maintain relevance. It did not contest for original speed but opted to scale through second-layer solutions. This has helped alleviate the notorious congestion and high fees, but it comes at a cost.
These second-layer networks have drained liquidity, fracturing the Ethereum ecosystem and turning its once-unified domain into a massive collection of mini-kingdoms.
As it evolves, Ethereum also went green in September 2022 through The Merge, replacing the proof-of-work consensus mechanism with a more environmentally friendly proof-of-stake.
This upgrade has reduced Ethereum's energy consumption by 99% and laid the groundwork for future scalability adjustments (like sharding). The crypto world has appreciated this, marking a significant step forward for Ethereum's sustainability, although it hasn't resulted in the explosive price surge some investors anticipated.
While Bitcoin has been busy breaking records, Ethereum has been left behind despite launching its own spot ETF. Currently, Ethereum still holds the second position, but merely being a traditional brand may not be sufficient to maintain its crown.
Ignoring the skeptics, USDT
After the Terra-Luna collapse—which shook confidence in algorithmic stablecoins worldwide—Tether's USDT not only weathered the storm but emerged stronger than ever. USDT is now the third-largest cryptocurrency by market cap, with its valuation soaring to about $120 billion.
Despite the company achieving a net profit of $2.5 billion in the third quarter, bringing its total profit for 2024 to $7.7 billion, it still has not undergone a comprehensive, thorough audit. Instead, Tether regularly provides attestations.
So, what are the driving factors? Primarily, U.S. Treasury bonds. This makes Uncle Sam's debt a cash cow for Tether.
But the massive profits have brought significant issues. Without formal audits, many question whether Tether's treasury is as solid as they claim. Tether may be a giant, but trust remains the most important currency.
From competitors to rebuilders
Polkadot price on January 20, 2021: $15.94
Polkadot price on November 11, 2024: $5.13
During Trump's previous term, Polkadot was on a strong upward trajectory. With a market cap of $17 per token and ranking fourth in cryptocurrencies, it seemed poised to be the bridge for cross-blockchain ecosystems and to achieve seamless cross-chain communication in the future. However, in 2024, Polkadot's shine has dimmed—priced at $4.10, it has fallen to 21st place in market cap.
Polkadot is no longer a top 10 cryptocurrency. Source: Logan Saether
Nevertheless, Polkadot has not raised the white flag. This year, it launched Agile Coretime, a new system allowing developers to purchase processing time directly at its core layer. This is part of the Polkadot 2.0 upgrade, representing a significant shift from the old auction model.
With the introduction of 'inscriptions'—a playful nod to Bitcoin ordinal numbers—Polkadot shattered trading records in December 2023, with over 17 million transactions.
However, the audience for Polkadot is hard to impress. Ethereum and Solana have already solidified their stronghold in the decentralized finance (DeFi) space, with other advanced blockchains trailing behind.
Bright prospects for XRP
XRP price on January 20, 2021: $0.285924
XRP price on November 11, 2024: $0.581592
In January 2021, XRP ranked fifth in the cryptocurrency rankings. It slightly fell to seventh, but its growth has been generally positive. Its price surged from $0.2958 to $0.5355, with market cap more than doubling to $30.5 billion. Not bad for a cryptocurrency that has gone through enough courtroom drama.
Ripple Labs in San Francisco developed technology around the XRP ledger and advocated for its use in cross-border transactions, achieving partial victory in court in 2023.
After years of back-and-forth debate, a judge ruled that while some private sales of XRP did indeed fall into the realm of unregistered securities, XRP itself does not qualify as a security. This is a half-victory for Ripple and a complete game-changer for the XRP ecosystem, which has long operated under regulatory clouds.
Now, with the elimination of legal uncertainties, XRP is even being discussed as a candidate for an ETF—alongside newcomers like Solana. An XRP ETF could open doors to a broader mainstream audience, sparking new excitement among investors who have seen their ups and downs. Thus, even though XRP may have slipped a few ranks, its resilience, steady growth, and newfound legal clarity hint at the beginning of an unexpected revival.
ADA occasionally falls out of the top ten cryptocurrency rankings.
ADA price on January 20, 2021: $0.358738
ADA price on November 11, 2024: $0.592937
In the last election, Cardano consistently ranked in the top ten, hailed as an 'Ethereum killer,' with its roots tracing back to one of Ethereum's co-founders. Today, Cardano resembles a band from the '90s that still lingers on the charts, occasionally falling out of the top ten.
Critics like to call it a 'ghost chain,' claiming there is not much development and even fewer users appearing. These numbers are indeed shocking: the core developers and active users of Cardano have declined.
The number of code submissions and core developers for Cardano has declined. Source: Token Terminal
However, Cardano has not sat idly by, allowing skeptics to voice their opinions. The Chang hard fork was completed in September 2024, bringing new features and scalability upgrades, indicating it still has some tricks up its sleeve. The network has also entered the Voltaire phase, aiming for a decentralized governance model where users can directly participate in decision-making.
Litecoin and Bitcoin Cash: The original rebels fighting for relevance
Litecoin price on January 20, 2021: $149.80
Litecoin price on November 11, 2024: $77.38
Bitcoin Cash price on January 20, 2021: $501.72
Bitcoin Cash price on November 11, 2021: $438.73
In the early days of cryptocurrency, Litecoin and Bitcoin Cash were the champions of 'spendable' cryptocurrencies—two currencies vying to become the digital cash for everyday use.
Litecoin is a 'slimmed-down version' of Bitcoin, offering faster transaction speeds and lower fees, while Bitcoin Cash split from Bitcoin and made a bold promise: to realize Satoshi's original vision of peer-to-peer cash by increasing block sizes and lowering fees.
Both currencies garnered loyal followings, and even some merchants joined in, but their development paths resemble more of a nostalgic journey than the revolution they aimed to spark.
In this world, Bitcoin has solidified itself as 'digital gold,' while newer cryptocurrencies offer advanced features like smart contracts and decentralized applications, making it hard for Litecoin and Bitcoin Cash to stand out.
Countries that ban crypto payments and impose regulatory red tape are of little help. While some limited adoption still exists—like cafes in Townsville, Ljubljana, and parts of Buenos Aires—the widespread use case for everyday transactions has yet to be realized.
Litecoin and Bitcoin Cash have both fallen out of the top 10 cryptocurrencies by market capitalization, now sitting at 25th and 19th, respectively.
The behind-the-scenes story of DeFi
LINK price on January 20, 2021: $20.51
LINK price on November 11, 2024: $13.99
Chainlink does not aim to be 'digital cash' or a 'smart contract superstar,' but rather to be a pillar of the crypto world, quietly holding the DeFi world together.
While other cryptocurrencies chase headlines and retail hype, Chainlink is working hard to provide price data, weather forecasts, and other real-world information to the blockchains that need them. Since Trump took office, Chainlink's role as the preferred oracle service has become increasingly solidified, making it the ultimate behind-the-scenes hero of decentralized finance.
The recently launched Chainlink 2.0 has added more power to its oracle network. This upgrade introduces a decentralized oracle network, enabling dynamic non-fungible tokens, automated blockchain functionalities, and various new DeFi magic.
With staking finally available, LINK holders can now secure the network and earn rewards—this is a long-awaited benefit that supports this data-driven ecosystem. Chainlink is now more capable of completing complex tasks, proving itself to be not only reliable but also versatile.
The price of LINK has not risen steadily like its reputation. The token has been impacted by volatility and competition. New oracle providers have entered the market, and some DeFi projects are building their own oracles.
Not in the excellent Stellar
XLM price on January 20, 2021: $0.291680
XLM price on November 11, 2024: $0.109166
Stellar was founded in 2014 by Ripple co-founder Jed McCaleb, aiming to provide fast, low-cost international transactions, connecting everyone from financial institutions to the unbanked.
Since Trump took office, Stellar has made significant strides in the central bank digital currency (CBDC) space, particularly with pilot projects testing a digital version of the hryvnia in Ukraine.
However, Stellar's journey has not been smooth. The competition in the cross-border payments space is intensifying. Governments exploring CBDCs typically seek centralized solutions or established platforms like Ethereum.
As the market increasingly favors DeFi-focused chains with high use cases, Stellar's XLM token has taken a hit. As of November 8, 2024, it has fallen from 10th to 35th place.
