Trump's re-election and his promise of a friendly cryptocurrency regulatory policy drove Bitcoin and altcoins such as Dogecoin, XRP, and Solana to substantial increases, while metaverse tokens also saw a revival.
Author: Andrew Hayward
Translation: Plain Language Blockchain
Last month, Donald Trump successfully secured a second term in the White House and promised to implement a more crypto-friendly regulatory policy, opening the floodgates for the market and leading to a surge in cryptocurrency prices.
Bitcoin (BTC) was at the forefront, reaching a new high last month. However, after hitting a wall near the $100,000 mark, investor interest began to shift towards a batch of altcoins that took turns performing well.
1. Dogecoin Leads the Meme Coin Race
Dogecoin (DOGE) skyrocketed due to its association with Elon Musk and plans to co-lead an agency called the 'Department of Government Efficiency' (yes, the acronym is DOGE). This original meme coin soared 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 Perform Brightly
According to CoinGecko, Solana (SOL) hit an all-time high of $263 in November, then pulled back to $235.
Ethereum (ETH), although lagging significantly behind Bitcoin this year, finally broke through last weekend, climbing to an eight-month high of over $3,730.
However, the biggest recent gains have come from some unexpected choices—these tokens have had little room for growth over the years, including several well-known legacy coins in the industry.
XRP was the most eye-catching, as this asset widely used in the Ripple payment ecosystem surged significantly in the past few weeks, with a rise of over 400% in 30 days.
This surge is primarily attributed to market optimism regarding regulatory clarity and expectations for the potential launch of spot trading platform ETFs and other financial products.
This frenzy was further fueled by the news that Gary Gensler, the chairman of the SEC, will resign in January next year. During his tenure, the SEC's long-standing lawsuit against Ripple Labs has garnered much attention. As a result, XRP surged to a seven-year high on Monday, breaking through $2.82.
3. Unexpected Winners: Tron and Other Veteran Tokens
Tron (TRX) also unexpectedly surged, hitting an all-time high on Tuesday. Similar to XRP, Tron broke a seven-year record that had stood since January 2018, surging 69% on that day to nearly $0.37.
However, in this year-end wave of market activity, it is not just these older cryptocurrencies that are attracting trading enthusiasm.
Hedera (HBAR) became the biggest winner among the top 100 cryptocurrencies this week, surging 137% in seven days. IOTA also performed well, rising by 130%, while Algorand (ALGO) increased by 84% during the same period.
Other major cryptocurrencies that rose significantly this week include Litecoin, Tezos, Chainlink, and EOS, while Cardano surged by 200% in the past month.
4. Metaverse Tokens Make a Comeback
Even metaverse game tokens, such as The Sandbox (SAND) and Decentraland (MANA), also saw significant surges.
Indeed, this is the metaverse. It feels like a return to 2021, or even a recreation of 2018 depending on which tokens you follow.
5. Summary
Bitcoin remains on the hunt for the $100,000 milestone. After several unsuccessful attempts, Bitcoin reached a peak of $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
