🕵 CryptoQuant Insight: Trump administration's crypto support expectations drive L1 assets to rise
Trump took office, and the market is full of expectations for the regulatory policies of Trump's new administration. The cryptocurrency market seems to have ushered in spring, and native tokens such as Ripple, Cardano, and Solana have risen dramatically.
According to CryptoQuant's report, since the election, the prices of Layer-1 blockchain native assets such as XRP, TRX, TON, SOL, and ADA have soared. In particular, XRP has risen by more than 120% since the election, breaking the $1 mark for the first time, with a monthly increase of more than 166% and a daily increase of more than 25%.
At the same time, the legal dispute between the SEC and Ripple may be alleviated due to the departure of SEC Chairman Gensler. Analysts believe that the rise of XRP is related to the record high of decentralized exchange activities.
On November 15 alone, the DEX transaction volume on the XRP ledger reached $3.5 million. At the same time, Tron Network's TRX also hit a multi-year high of $0.20, with an average weekly increase of nearly 10% in recent weeks.
On the other hand, the value of TON has also increased by 39%, with about 1 million daily active addresses on the network, a significant increase from the beginning of the year. Among them, the stablecoin USDT, one of the most active assets on the network, has driven the significant growth of Toncoin under the integration of the TON network. In addition, SOL and ADA have also reached their historical highs and March 2024 levels, respectively.
CryptoQuant pointed out that the obvious surge in the price of altcoins is consistent with the surge in daily spot trading volume. The indicator of spot trading volume on November 11 alone reached one of the highest levels this year. Therefore, it can be imagined that altcoin transactions are extremely active in the market, and investors are competing to participate, which has led to a significant increase in spot trading volume and also promoted the rapid rise in altcoin prices.
In summary, the market is full of expectations for the Trump administration's cryptocurrency-friendly policies, but whether the Trump effect can really bring the spring of altcoins, or the market is overly optimistic, is worth further observation.
Finally, do you think the spring of altcoins has really come, or is the market overly optimistic in advance? Leave your opinion in the comment area.
