The crypto market has seen significant growth following the election of a pro-crypto candidate as the United States president in 2024. XRP and Hedera (HBAR) have emerged as top performers, with XRP gaining 328% and HBAR climbing 457% since the election. XRP, in particular, reached multi-year highs in early December, although it has now dropped to the fourth position on CoinMarketCap despite a 28% increase in non-empty wallets over the past two years.
The surge in XRP’s price can be attributed to a number of factors, including the debut of Ripple’s RLUSD stablecoin and a partnership with the crypto platform Bitstamp to build a derivatives exchange on the XRP Ledger. These developments have injected momentum into XRP’s price and are expected to continue driving its growth in 2025. Meanwhile, HBAR’s price increase has propelled it into the top 20 digital assets, with rumors circulating that president-elect Trump holds positions in both HBAR and XRP, hinting at potential bullish trends in the future.
Interest in altcoins has been on the rise, with other top performers including Cardano (ADA), Chainlink (LINK), Dogecoin (DOGE), Stellar (XLM), and Sui (SUI). These altcoins have seen significant gains as Bitcoin surpassed $100,000 and reached a $2 trillion valuation. Investors have been moving profits from Bitcoin to altcoins, with projects like Cardano and Chainlink standing out due to their active ecosystems, strong communities, and proactive developers. BTC dominance currently stands at 57.4%, and for a full altcoin rally to take hold, BTC dominance will need to decrease further to allow other cryptocurrencies to reach major valuations.
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