After Bitcoin's surge, Musk could bring strong tailwinds to altcoins
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After Bitcoin's surge, Musk could bring strong tailwinds to altcoins
With Musk fully committed to building digital asset infrastructure, combined with Trump's policy initiatives, altcoins are set to receive a strong tailwind.
Navigating Web3 tides with focused insightsBy Zhu Yu, Jin10 News
Bitcoin prices surged past $100,000 following the announcement that Atkinson had been nominated as SEC chair. Shoki Omori, Chief Japan Strategist at Mizuho Securities in Tokyo, noted that for Bitcoin to rise further from here, other cryptocurrencies should first catch up.
The crypto community is searching for positive news to drive a broad rally across cryptocurrency prices.
Earlier, the crypto market experienced a fresh speculative surge after Trump appointed Musk to lead a new Department of Government Efficiency (DOGE). The department's acronym DOGE was Musk’s idea, created as an homage to the mascot of the digital currency Dogecoin (DOGE)—a project he has long been obsessed with.
Futurist and cryptocurrency investor Armando Pantoja said, "Musk excels at subtly hinting at his affection for Dogecoin," referencing Musk’s support for the token demonstrated during his appearance on Saturday Night Live and through social media posts.
However, Pantoja emphasized that Dogecoin’s value, like many cryptocurrencies, is driven by hype rather than widespread utility. He stated, "Currently, no cryptocurrency on Earth is widely used for anything beyond speculation. But people expect this to change dramatically—that’s precisely why these cryptocurrencies hold such immense potential."
Dogecoin has risen over 150% in the past month.
Pantoja forecasts a return of retail investors to the crypto markets. "Retail investors have been absent from the crypto market for two years, but they will now reopen their accounts and re-engage," he said. He highlighted that well-known assets like Dogecoin and Shiba Inu could lead market trends, noting that opportunities to anticipate Musk’s moves often serve as catalysts for the market.
When asked about the growth potential for cryptocurrencies under a so-called "crypto-friendly administration," John Divine, OTC trader at BlockFills, stressed Musk’s focus on digital asset infrastructure.
"It's only a matter of time before the X platform integrates a digital asset wallet," he said, pointing to Musk’s track record from PayPal to Tesla and SpaceX.
Divine also discussed Trump’s proposal to eliminate capital gains tax on U.S. altcoins. "In the short term, this would bring massive volume into these markets," he said, identifying tokens such as Algorand, Hedera, and Cardano as potential beneficiaries. He described the move as a "huge catalyst" for the altcoin market.
With Bitcoin stabilizing, Divine expects capital to flow into altcoins. He concluded, "The situation is clear—Musk is fully committed to building digital asset infrastructure. Combined with Trump’s policy initiatives, altcoins are set to receive strong tailwinds."
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