Altcoins Rise After Trump's Win—More Gains?
The crypto market has risen since the early November US elections. The election of pro-crypto candidate Donald Trump as US President has boosted cryptocurrencies.
XRP, ADA, TON, Others Stand Out in Altcoin Bull Run
After the US Presidential election on November 5, numerous cryptocurrencies had huge price jumps, according to CryptoQuant's weekly report on November 22. The analytics group claims that altcoin spot trade volume topped $18 billion on November 11, the most since early August, showing growing market interest.
CryptoQuant says these encouraging altcoin market trends depend on US President-elect Donald Trump's campaign promises to promote the digital asset sector.
CryptoQuant calls XRP one of the best-performing assets after the US presidential election. XRPL's DEX volume reached a record $3.5 million in the previous two weeks, as the sixth biggest cryptocurrency rose 154% to $1.45.
Along with XRP, Tron (TRX) has garnered market interest, achieving a new high of 10 million daily transactions as USDT supply on the blockchain network exceeded $60 billion. Since November 5, TRX has gained 25% to $0.20.
Toncoin (TON) has rebounded 27% after the elections to $5.75. Toncoin's 1 million daily active addresses are up from 60,000 at the start of 2024, indicating considerable network activity.
CryptoQuant also lists Solana (SOL) and Cardano (ADA), which have gained 62.42% and 206.06% since Trump's election.
Is ‘Altseason’ Here?
Many observers think the ‘altseason’ has begun, a time when cryptocurrencies outperform Bitcoin and see price increases.
Ash Crypto on X reported that altcoin dominance has passed its accumulation phase and is already rising, marking altseason's early phases with full market influence projected in 2025. Fellow analyst MikybullCrypto agrees, predicting cryptocurrency price spikes from December 2024 to March 2025.
The crypto market is worth 3.3 trillion, with altcoins making up 40.8%.
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