Altcoins Continue To Surge Following Trump’s Victory – More Gains Ahead?
Cryptocurrency markets have been trending upward following the U.S. election in early November. In particular, altcoins have reacted quite positively to the election of pro-crypto candidate Donald Trump as the next President of the United States.
XRP, ADA, TON and more stand out in bullish altcoin performance
in its weekly report On November 22, blockchain analysis company CryptoQuant reported that the prices of multiple altcoins increased significantly after the US presidential election on November 5. The analytics firm reported that daily spot trading volume in the altcoin market reached $18 billion on November 11, the highest level since the beginning of the year. August, indicating increased market interest in these tokens.
CryptoQuant explains that these positive developments in the altcoin market hinge on widespread expectations for a regulatory-friendly approach from U.S. President-elect Donald Trump, who continued to announce his intention to support the digital asset industry during his campaign.
CryptoQuant specifically highlights XRP as One of the best performing assets Since the US presidential election. The sixth-largest cryptocurrency has gained 154% over the past two weeks to $1.45, while DEX trading volume on the XRPL network hit an all-time high of $3.5 million.
In addition to XRP, Tron (TRX) has also attracted market attention as the USDT supply on the blockchain network exceeded the $60 billion mark, with daily trading volume reaching a record high of 10 million transactions. Since November 5, TRX has gained 25%, rising to $0.20.
Additionally, Toncoin (TON) has experienced a market rally since the election, rising 27% to a local peak of $5.75. Importantly, Toncoin maintains high network activity, with 1 million daily active addresses, up from 60,000 recorded in early 2024.
Other altcoins included in the CryptoQuant report include Solana(Sun) and Cardano (ADA) The two indexes are up 62.42% and 206.06% respectively since Donald Trump won the election.
Is the “alternative season” coming?
Altcoins appear poised to maintain their current bullish performance, as some analysts believe that “altcoin season” has begun, a period in which altcoins experience significant price gains and outperform Bitcoin.
Ash Cryptocurrency on X famous Altcoin dominance has ended its accumulation phase and is currently trending upward, marking the early stages of altcoin season that is expected to achieve full market effect in 2025. Likewise, analyst MikybullCrypto agrees, identify December 2024 to March 2025 is a potential period for significant price increases in the altcoin market.
As of this writing, the cryptocurrency market is worth $3.3 trillion, with altcoins accounting for 40.8% of that value.
