The cryptocurrency market has witnessed a significant uptrend following the recent US elections in early November. Notably, altcoins have shown impressive resilience and growth, responding positively to the election of pro-crypto candidate Donald Trump as the next President of the United States.
XRP, ADA, TON, Others Stand Out Amidst Bullish Altcoins Performance
In a detailed analysis released on November 22, CryptoQuant, a renowned blockchain analytics firm, highlighted substantial price increases in several altcoins following the US Presidential election held on November 5. The report reveals that the daily spot trading volume in the altcoin market soared to $18 billion by November 11, marking the highest level since early August. This surge underscores a growing market interest in these digital assets.
CryptoQuant attributes these favorable developments in the altcoin market to expectations of a supportive regulatory environment under President-elect Donald Trump, who has consistently expressed his intention to bolster the digital asset industry throughout his campaign. This optimism has fueled confidence among investors and traders alike.
Among the standout performers is XRP, which has emerged as one of the top-performing assets since the election. The cryptocurrency, ranked sixth in terms of market capitalization, surged by an impressive 154% to reach $1.45 within the span of two weeks. This surge coincided with a record-high DEX volume of $3.5 million on the XRPL network, further highlighting its growing adoption.
Tron (TRX) has also captured market attention, achieving a new milestone with a daily transaction count of 10 million. The USDT supply on its blockchain network surpassed the $60 billion mark, contributing to a 25% gain, pushing its price up to $0.20 since November 5.
Additionally, Toncoin (TON) has experienced a notable market rebound, rising by 27% post-elections to reach a local peak of $5.75. This growth is supported by high network activity, as evidenced by its 1 million daily active addresses, a significant increase from the 60,000 recorded at the start of 2024.
Other altcoins highlighted in CryptoQuant’s report include Solana (SOL) and Cardano (ADA), both of which have exhibited remarkable gains of 62.42% and 206.06%, respectively, following Donald Trump’s electoral victory.
Is The ‘Altseason’ Here?
As the altcoins continue to display robust performance, speculation grows regarding the onset of the much-anticipated ‘altseason’. This period, characterized by significant price surges in altcoins that often outperform Bitcoin, appears to be on the horizon according to several market analysts.
Ash Crypto, a noted analyst, observed on X that altcoin dominance has exited its accumulation phase and is now trending upwards. This signals the early stages of altseason, with expectations of a full market effect materializing by 2025. Supporting this view, fellow analyst MikybullCrypto anticipates substantial price surges in the altcoin market from December 2024 to March 2025.
Currently, the crypto market is valued at $3.3 trillion, with altcoins accounting for 40.8% of this total valuation. This significant share underscores the growing influence and potential of altcoins in shaping the future of the cryptocurrency landscape.
