Altcoins Surge Following Trump’s Election Victory with XRP Leading Gains
The crypto market has seen an uptrend following the US elections in early November, particularly with altcoins responding positively to Donald Trump's election as President.
XRP, ADA, TON, Others Stand Out Amidst Bullish Altcoins Performance
According to a weekly report from CryptoQuant on November 22, several altcoins experienced significant price spikes after the US Presidential election on November 5. Daily spot trading volume in the altcoin market reached $18 billion on November 11, the highest since August, indicating increased market interest.
CryptoQuant attributes these developments to expectations of a pro-crypto regulatory approach from Trump, who expressed support for the digital asset industry during his campaign.
XRP is highlighted as one of the top performers, rising by 154% to $1.45 over the past two weeks, coinciding with a record-high DEX volume of $3.5 million on the XRPL network. Additionally, Tron (TRX) achieved a new all-time high with 10 million daily transactions and a 25% increase since November 5, reaching $0.20.
Toncoin (TON) rebounded by 27% post-elections to a local peak of $5.75, supported by high network activity with 1 million daily active addresses compared to 60,000 at the start of 2024. Other notable altcoins include Solana (SOL) and Cardano (ADA), which gained 62.42% and 206.06%, respectively, since Trump's victory.
Is The 'Altseason' Here?
Analysts suggest that an 'altseason', characterized by significant price surges in altcoins relative to Bitcoin, may be underway. Ash Crypto indicated that altcoin dominance has exited its accumulation phase and is trending upwards, signaling early altseason stages, with full market effects anticipated by 2025. Similarly, MikybullCrypto predicts major price surges between December 2024 and March 2025.
The current crypto market valuation stands at $3.3 trillion, with altcoins comprising 40.8% of this total.
