As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull and bear cycles, but none quite like the current state of the crypto market. The post-US election rally has been nothing short of extraordinary, particularly when it comes to altcoins.
After the U.S. elections in early November, there’s been a surge in the crypto market. Interestingly, altcoins have shown particularly optimistic reactions following the election of candidate Donald Trump, who is considered supportive of cryptocurrency, as the next U.S. President.
XRP, ADA, TON, Others Stand Out Amidst Bullish Altcoins Performance
Last Wednesday (November 22nd), blockchain analysis company CryptoQuant stated that various alternative coins saw significant price surges following the US Presidential election on November 5th. The analysis firm noted that the daily trading volume for altcoins reached a whopping $18 billion on November 11th, which is the highest it’s been since early August. This suggests a growing market interest in these digital tokens.
According to CryptoQuant, the optimistic trends in the alternative coin market are largely due to the belief that U.S. President-elect Donald Trump will adopt a favorable regulatory stance towards the digital asset sector. Throughout his presidential campaign, he expressed his support for this industry.
Specifically, CryptoQuant points out that XRP is among the top assets showing exceptional performance since the U.S. Presidential elections. In the last fortnight, this sixth largest cryptocurrency has seen a significant surge of 154%, reaching $1.45. This rise corresponds with an all-time high decentralized exchange (DEX) volume of $3.5 million on the XRP Ledger network.
In addition to XRP, Tron (TRX) has attracted market focus, achieving a record-breaking daily transaction count of 10 million. This remarkable achievement coincides with the USDT supply on its blockchain network surpassing $60 billion. Since November 5, TRX has experienced a significant increase of 25%, reaching a value of $0.20.
Beyond this, Toncoin (TON) has seen a market recovery, surging by approximately 27% since the elections, peaking at $5.75. Notably, Toncoin continues to showcase high network activity, with around one million daily active addresses, compared to the 60,000 recorded in early 2024.
Additionally, Solana (SOL) and Cardano (ADA) are among the other cryptocurrencies mentioned in the report. These two altcoins have experienced significant growth since Donald Trump’s election win, with Solana rising by 62.42% and Cardano surging by a remarkable 206.06%.
Is The ‘Altseason’ Here?
It seems that some cryptocurrencies, known as altcoins, are showing strong signs of continuing their positive momentum according to various experts. They predict that ‘altseason’, a timeframe when altcoins often see substantial price increases and surpass Bitcoin‘s performance, may have already started.
According to Ash Crypto on platform X, the dominance of altcoins has moved beyond its accumulation stage and is now experiencing an upward trend, which could mark the beginning of an “altseason” with widespread market impact expected to occur around 2025. Likewise, analyst MikybullCrypto holds a similar perspective, suggesting that December 2024 to March 2025 might see significant price increases in the altcoin sector.
Currently, as I’m typing this, the total worth of the cryptocurrency market stands at approximately 3.3 trillion dollars. It’s important to note that around 40.8% of this value is attributed to altcoins.
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2024-11-24 02:46