The cryptocurrency market has been on an upward trend following the US elections in early November. In particular, altcoins have responded very positively to the election of pro-crypto candidate Donald Trump as the next US president.
XRP, ADA, TON, and others stand out amid the bullish performance of altcoins
In it Weekly report On November 22, blockchain analytics firm Cryptoquant reported that several altcoins saw significant price spikes following 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 early November, indicating increased market interest in these tokens.
CryptoQuant explains that these positive developments in the altcoin market hinge on public expectations for a friendly regulatory approach by US President-elect Donald Trump who consistently announced his intentions to support the digital asset industry during his election campaign.
In particular, CryptoQuant highlights XRP as one of the best-performing assets since the US presidential election. The sixth-largest cryptocurrency has risen 154% to $1.45 in the past two weeks, which coincided with a record high trading volume of $3.5 million on the XRPL network.
Aside from XRP, Tron (TRX) also captured the market’s attention as it reached a new all-time high of 10 million daily transactions as the supply of USDT on the blockchain network crossed the $60 billion mark. TRX has risen 25% since November 5 when it rose to $0.20.
Furthermore, Toncoin (TON) has seen a market rebound as it has risen 27% since the election to reach a local peak of $5.75. Most importantly, Toncoin maintains high network activity as evidenced by 1 million active addresses daily compared to 60,000 registered addresses at the beginning of 2024.
Other altcoins in the CryptoQuant report include Solana (SOL) and Cardano (ADA), which are up 62.42% and 206.06% respectively since Donald Trump’s election victory.
Is Altsison here?
Altcoins appear poised to maintain their current bullish performance as many analysts believe that “altcoins season,” a period in which altcoins experience significant price spikes and outperform Bitcoin, has begun.
Ash crypto on X male That altcoin dominance has exited the accumulation phase and is now trending upward, indicating the early stages of an altcoin season with the full market impact expected to be realized in 2025. Likewise, fellow analyst MikybullCrypto shares this view, to set From December 2024 to March 2025 as a possible period of significant price increases in the altcoin market.
At the time of writing, the cryptocurrency market is worth $3.3 trillion, with altcoins representing 40.8% of this value.