Bitcoin fluctuates at high levels as traders turn their attention to altcoins
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Bitcoin fluctuates at high levels as traders turn their attention to altcoins
Trump's re-election and his pledge of favorable cryptocurrency regulations have driven significant gains in Bitcoin and altcoins such as Dogecoin, XRP, and Solana, while metaverse tokens are also showing signs of recovery.
Navigating Web3 tides with focused insightsBy: Andrew Hayward
Translation: Ba Hua Blockchain
Last month, Donald Trump successfully secured re-election to the White House, promising more crypto-friendly regulatory policies, which opened the floodgates for the market and triggered a surge in cryptocurrency prices.
Bitcoin (BTC) led the charge, briefly reaching new highs last month. However, after stalling near the $100,000 mark, investor interest began shifting toward a rotating wave of altcoins.
1. Dogecoin Leads the Meme Coin Surge
Dogecoin (DOGE) surged due to its association with Elon Musk and plans to jointly lead a proposed "Department of Government Efficiency" (yes, abbreviated as DOGE). The original meme coin soared to its highest price in three years in late November and remains near those levels, also driving gains across several other well-known meme coins.
2. Altcoins Shine
According to CoinGecko data, Solana (SOL) hit an all-time high in November at $263 before pulling back to $235.
Ethereum (ETH), despite significantly trailing Bitcoin's gains this year, finally broke out over the weekend, climbing to an eight-month high above $3,730.
Yet the biggest recent winners have been some unexpected picks—tokens that had seen little upward movement for years, including several established names within the industry.
XRP stands out the most. This asset widely used in Ripple’s payment ecosystem has surged dramatically over the past few weeks, rising over 400% in 30 days.
The rally was primarily driven by optimism around clearer regulation and expectations that spot exchange-traded funds (ETFs) and other financial products could soon be approved.
The momentum intensified further following news that Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), will step down in January next year. During his tenure, the SEC's prolonged lawsuit against Ripple Labs drew significant attention. Upon the announcement, XRP spiked to a seven-year high on Monday, breaking above $2.82.
3. Unexpected Winners: TRON and Other Veteran Tokens
TRON (TRX) also rose unexpectedly, hitting an all-time high on Tuesday. Like XRP, TRON broke a seven-year record dating back to January 2018, surging 69% that day to nearly $0.37.
But this year-end rally isn't only attracting trading enthusiasm toward older-generation cryptocurrencies.
Hedera (HBAR) became the top performer among the top 100 cryptocurrencies by market cap this week, soaring 137% in seven days. IOTA wasn't far behind, gaining 130%, while Algorand (ALGO) rose 84% over the same period.
Other major gainers this week included Litecoin, Tezos, Chainlink, and EOS, while Cardano surged 200% over the past month.
4. Metaverse Tokens Make a Comeback
Even metaverse gaming tokens such as The Sandbox (SAND) and Decentraland (MANA) have posted sharp increases.
Yes, it’s the metaverse again—feeling like a return to 2021, or depending on which tokens you follow, even reminiscent of 2018.
5. Summary
Bitcoin remains on the brink of the $100,000 milestone. After several failed attempts, it reached a peak of $99,645 on November 22 and currently trades around $96,000.
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