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The crypto market has been on an uptrend following the US elections in early November. In particular, the altcoins have responded quite positively to the election of pro-crypto candidate Donald Trump as the next US President. Related Reading Wyckoff Cycle Shows Where We Are In The Market And When Altcoin Season Will Begin 1 week ago XRP, ADA, TON, Others Stand Out Amidst Bullish Altcoins Performance
In its weekly report on November 22, blockchain analytics firm CryptoQuant reported that several altcoins have experienced large price spikes after the US Presidential election on November 5. The analytics firm reports that daily spot trading volume in the altcoin market reached $18 billion on November 11, the highest since early August, indicating an increased market interest in these tokens.
CryptoQuant explains that these positive developments in the altcoin market hinges on general expectations of a friendly regulatory approach by US President-elect Donald Trump who continuously declared intentions to support the digital asset industry during his electoral campaign.
In particular, CryptoQuant highlights XRP as one of the best-performing assets since the US Presidential elections. The sixth largest cryptocurrency has risen by 154% to $1.45 in the past two weeks, which has coincided with a record-high DEX volume of $3.5 million on the XRPL network.
Aside from XRP, Tron (TRX) has also grabbed market attention reaching a new all-time high of 10 million daily transaction count as USDT supply on the blockchain network moved above the $60 billion mark. TRX has gained by 25% since November 5 rising to $0.20.
Furthermore, Toncoin (TON) has experienced a market rebound rising by 27% since the elections to reach a local peak of $5.75. Importantly, Toncoin maintains a high network activity as evidenced by its 1 million daily active addresses compared to the 60,000 recorded at the start of 2024.
Other altcoins in CryptoQuant’s report include Solana (SOL) and Cardano (ADA) which have gained by 62.42% and 206.06%, respectively since Donald Trump’s electoral victory. Related Reading Bitcoin Dominance Sliding Below This Level Could Signal Start Of Altseason, Trading Firm Says 4 days ago Is The ‘Altseason’ Here?
The altcoins appear poised to maintain their current bullish performance as several analysts believe the ‘altseason’, a period where altcoins experience significant price surges and outperform Bitcoin, has commenced.
Ash Crypto on X noted that altcoin dominance has exited its accumulation phase and is now trending upward, signaling the early stages of altseason with full market effect expected to materialize in 2025. Similarly, fellow analyst MikybullCrypto shares this view, identifying December 2024 to March 2025 as a potential period for major price surges in the altcoin market.
At the time of writing, the crypto market is valued at 3.3 trillion with altcoins representing 40.8% of this value. Altcoins market valued at $1.32 trillion on daily chart | Source: TOTAL2 chart on Tradingview.com Featured image from PlasBit, chart from Tradingview