Author: Yohan Yun, CoinTelegraph; Translation: Deng Tong, Golden Finance
With elected President Donald Trump winning the 2024 United States presidential election, Bitcoin has reached an all-time high.
Trump is set to return to the White House, now seemingly with a pro-crypto stance. His campaign team has repeatedly pledged support for the cryptocurrency industry, differing from the previous administration.
As Trump prepares for a return to office, this article reviews the landscape of cryptocurrency during his last term. Since then, there has been a significant shift in the industry—half of the tokens that were in the top 10 during his previous term have fallen out of ranking.
Let's take a look at the current status of the top ten cryptocurrencies during Trump's last presidential term.
Bitcoin remains king
Bitcoin Price on January 20, 2021: $35,302.18
Bitcoin Price on November 11, 2024: $82,379.60
Since Trump's last time in the White House, Bitcoin has experienced more twists and turns than the elected president's campaign trail. First, it reached an all-time high of about $67,000 in November 2021. Then came FTX—the collapse in November 2022 brought Bitcoin down to $17,000, leaving everyone wondering if this journey was over.
Bitcoin and the global economy have experienced a bear market, and BTC has struggled for much of the time.
However, like any good comeback story, Bitcoin rebounded in 2024 as it became utilized by institutions through those shiny new spot exchange-traded funds (ETFs) in the U.S. stock market.
As Trump's victory marks the beginning of the end for crypto supervillain Gary Gensler of the SEC, analysts' eyes are set on the $100,000 mark, which the asset has already surpassed the $82,000 threshold.
Furthermore, Bitcoin now hosts digital collectibles through Runes, such as Ordinals (iterations of non-fungible tokens) and some of the most popular memecoins on the internet. So, while Bitcoin remains the gold standard of cryptocurrencies in the Trump 2.0 era, it has also found new ways to keep itself interesting.
From undisputed king to layer-two 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, this crown is not as secure, and the network faces some fierce competition.
Solana is a fast, dazzling newcomer currently ranked fourth by market cap, leading the pack in the 'Ethereum killer' blockchain space.
However, Ethereum chose a different route to maintain relevance. It did not compete for raw speed but opted to scale through layer-2 solutions. This helps alleviate the notorious congestion and high fees, but it comes at a cost.
These layer-2 networks have drained liquidity, splitting Ethereum's ecosystem and turning its once unified domain into a massive collection of mini-kingdoms.
In the process of evolving, Ethereum also went green in September 2022 through The Merge, replacing proof of work with a more environmentally friendly proof of stake consensus mechanism.
This upgrade reduced Ethereum's energy consumption by 99% and laid the groundwork for future scalability adjustments (like sharding). The crypto world has praised this, marking a significant step forward in Ethereum's sustainability, although it did not result in the explosive price surge some investors expected.
While Bitcoin has been busy breaking records, Ethereum, despite launching its own spot ETF, has been left behind. Currently, Ethereum still holds second place, but merely being a traditional brand may not be enough to hold onto the crown.
Ignoring the skeptics, the USDT
After the collapse of Terra-Luna—which shook confidence in algorithmic stablecoins worldwide—Tether's USDT not only weathered the storm but became stronger than ever. USDT is now the third-largest cryptocurrency by market cap, with a valuation soaring to approximately $120 billion.
Despite achieving a net profit of $2.5 billion in the third quarter, bringing the total profit for 2024 to $7.7 billion, the company has yet to undergo a comprehensive, thorough audit. Instead, Tether provides proof regularly.
So, what are the driving factors? Primarily U.S. Treasury bonds. This makes Uncle Sam's debt Tether's cash cow.
But the massive profits bring massive problems. 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 Competitor to Rebuilder
Polkadot Price on January 20, 2021: $15.94
Polkadot Price on November 11, 2024: $5.13
During Trump's last term, Polkadot was on a strong upward trajectory. With a market value of $17 per token and ranking fourth among cryptocurrencies, it seemed poised to become a bridge for cross-blockchain ecosystems and achieve seamless cross-chain communication in the future. However, in 2024, Polkadot's shine has dimmed—with a price of $4.10, its market cap has fallen to 21st place.
Polkadot is no longer in the top 10 cryptocurrencies. Source: Logan Saether
Nevertheless, Polkadot has not thrown in the towel. 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 and represents a significant shift from the old auction model.
With the introduction of 'inscriptions'—a playful homage to Bitcoin ordinals—Polkadot broke trading records in December 2023, with over 17 million transactions.
However, Polkadot's audience has proven hard to impress. Ethereum and Solana have solidified their stronghold in the decentralized finance (DeFi) space, with other advanced blockchains following closely 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 among cryptocurrencies. It slightly dropped to seventh but showed positive growth overall. 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 a fair share of courtroom drama.
Ripple Labs in San Francisco has developed technology around the XRP ledger and advocates its use for cross-border transactions, achieving a partial victory in court in 2023.
After years of back-and-forth, a judge ruled that while some private sales of XRP did indeed enter the realm of unregistered securities, XRP itself is not a security. This is a half-victory for Ripple and a game changer for the XRP ecosystem, which has long operated under regulatory clouds.
Now, with legal uncertainties cleared, XRP is even being discussed as a candidate for an ETF—alongside rising stars like Solana. An XRP ETF could open doors to a more mainstream audience, igniting new excitement among investors who have experienced ups and downs. So, although XRP may have slipped a few rankings, its resilience, steady growth, and newfound legal clarity herald the beginning of an unexpected resurgence.
ADA occasionally falls out of the top ten crypto rankings
ADA Price on January 20, 2021: $0.358738
ADA Price on November 11, 2024: $0.592937
In the last election cycle, Cardano held a steady place in the top ten, touted as an 'Ethereum killer,' its roots trace back to a co-founder of Ethereum. Today, Cardano resembles a band from the 90s still lingering on the charts, occasionally dropping out of the top ten.
Critics like to call it a 'ghost chain,' claiming there isn't much development, and even fewer users appear. These numbers are indeed surprising: the number of core developers and active users on Cardano has declined.
The number of code submissions and core developers on 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, aimed at achieving a decentralized governance model where users can directly participate in decision-making.
Litecoin and Bitcoin Cash: The Original Rebels in the Battle 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 the 'lite' version of Bitcoin, with faster transaction speeds and lower fees, while Bitcoin Cash split from Bitcoin and made bold promises to realize Satoshi's original vision of peer-to-peer cash by increasing block sizes and lowering fees.
Both currencies have gained loyal followings, with some merchants even joining in, but their developmental paths resemble a nostalgic journey rather 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 do not help. While some small-scale adoption exists—such as cafes in Townsville, Ljubljana, and parts of Buenos Aires—widespread use cases for everyday transactions have yet to be realized.
Litecoin and Bitcoin Cash have both fallen out of the top 10 cryptocurrencies by market cap, now ranking 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 is not looking to become 'digital cash' or 'the superstar of smart contracts,' but rather aims 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 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 strengthened, 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 functions, and various new DeFi magic.
With staking finally available, LINK holders can now secure the network and earn rewards—a long-awaited benefit that powers this data-driven ecosystem. Chainlink is now better equipped to complete complex tasks, proving it is 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 outstanding Stellar
XLM Price on January 20, 2021: $0.291680
XLM Price on November 11, 2024: $0.109166
Stellar was founded by Ripple co-founder Jed McCaleb in 2014, 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 in Ukraine, where it has launched pilot projects testing a digital version of the hryvnia.
But Stellar's journey hasn't been smooth. Competition in the cross-border payment space has intensified. Governments exploring CBDCs usually seek centralized solutions or established platforms like Ethereum.
As the market increasingly leans towards DeFi-focused chains with high use cases, Stellar's XLM token has taken a hit. As of November 8, 2024, it has dropped from 10th to 35th place.
