BTC high-level shock, traders are beginning to compete for Alts

Trump’s reelection and promise of friendly cryptocurrency regulation policies have led to a significant pump in BTC and altcoins such as Dogecoin, XRP, Solana, etc. The metaverse tokens have also seen a resurgence.

Author: Andrew Hayward

Translation: Plain Language Blockchain

Last month, Donald Trump successfully re-elected the White House and promised to implement a more friendly Cryptocurrency regulatory policy, which opened the floodgates for the market and led to a surge in Cryptocurrency prices.

BTC (BTC) took the lead and surged to a new high last month. However, after being blocked near the $100,000 mark, investors’ interest began to shift to a series of alternating AltCoins.

1、Dogecoin Leads the Way in Meme Coin Race

The Dogecoin (DOGE) saw a big pump due to its association with Elon Musk and plans to co-lead an organization called the ‘Department of Government Efficiency’ (yes, the abbreviation is exactly DOGE). The original meme coin surged to its highest price in three years in late November and is still close to that level, also driving up several other well-known meme coins.

2. AltCoin performs well

According to CoinGecko’s data, Solana (SOL) reached a new all-time high of $263 in November, and then pulled back to $235.

While Ethereum (ETH), despite its lagging performance compared to BTC this year, finally broke through and climbed to a new high in the past weekend, surpassing $3730, its highest level in eight months.

However, the biggest gainers recently are some unexpected choices - these Tokens have little pump potential after years, including well-known old currencies in the industry.

XRP has been the most eye-catching, with this asset widely used in the Ripple payment ecosystem soaring by more than 400% in the past few weeks, reaching a 30-day increase of over 400%.

This surge is mainly attributed to the optimistic sentiment in the market towards regulatory clarity, as well as the anticipation of the potential launch of Exchange Traded Funds (ETF) and other financial products on the Spot trading platform.

The frenzy was further fueled by the news of Gary Gensler, chairman of the Securities and Exchange Commission (SEC) of the United States, announcing his resignation in January next year. During his tenure, the SEC has been closely following the long-standing lawsuit against Ripple Labs. Influenced by this news, XRP soared to its highest level in 7 years on Monday, breaking through $2.82.

3. Unexpected Winners: TRON and other seasoned Tokens

TRON (TRX) also unexpectedly rose, hitting a historic high on Tuesday. Similar to XRP, TRON broke a seven-year record since January 2018, surging 69% in a single day, with a price approaching $0.37.

However, in this wave of market at the end of this year, it’s not only these more experienced Crypto Assets that are attracting trading enthusiasm.

Hashgraph (HBAR) became the biggest winner among the top 100 cryptocurrencies in terms of market capitalization this week, with a big pump of 137% in the past seven days. IOTA also performed well, with a surge of 130%, while Algorand (ALGO) saw a pump of 84% during the same period.

Other major pump Cryptocurrencies this week include Litecoin, Tezos, Chainlink, and EOS, while Cardano has experienced a 200% big pump in the past month.

4. Metaverse Token Makes a Comeback

Even the tokens of metaverse games, such as The Sandbox (SAND) and Decentraland (MANA), have skyrocketed.

That’s right, this is Metaverse. It feels like going back to 2021, or even a replica of 2018 based on the Token you follow.

5. Summary

BTC is still hovering around the $100,000 mark. After several failed attempts, BTC reached a peak of $99,645 on November 22nd and is currently priced at around $96,000.