Bitcoin has been on a remarkable rally since early November 2024; its price surged from nearly $69,000 to over $95,000—an increase of 37.7%. Alongside this surge, the cryptocurrency’s trading volume spiked by 48%, rising from $50 billion to $74 billion, and its market capitalization grew by 38.5%, climbing from $1.3 trillion to $1.8 trillion within the same period.
The election of Donald Trump as the 47th U.S. president has been identified by analysts as an important catalyst for this rally. Trump, who is now a big fan of cryptocurrencies, promised during his campaign that he would ease regulations and support pro-crypto initiatives like U.S. Bitcoin. He has already made important announcements, like that of the Department of Government Efficiency (DOGE), that suggest he will follow through on these promises in major ways.
As usual, Bitcoin is not the only one enjoying this upward trend; other cryptocurrencies have followed suit, even though these gains aren’t even across the board. There are other factors at play in addition to the general positive momentum linked to Bitcoin. We will spotlight some of the cryptocurrencies and some of the specific factors contributing to their rise.
XRP (150%)
XRP is one of the biggest beneficiaries of the positive market momentum; its price has risen from $0.50 to $1.25 during this period. This significant price increase was accompanied by a sharp rise in trading activity. Its trading volume jumped by 766.67%, growing from $1.2 billion to over $10.4 billion. Consequently, XRP’s market capitalization rose by 144.83%, reaching $71 billion from $29 billion.
This spike is particularly notable given XRP’s ongoing legal battle with the U.S. SEC. Last year, Ripple won a key ruling stating that XRP was not a security when sold to retail investors. With the case nearing its conclusion, eighteen U.S. states recently filed a lawsuit against the SEC for regulatory overreach, which further fueled optimism around XRP.
SUI (92.15%)
The native token of the Sui Network saw its price surge by 92.15% in three weeks, from $1.91 to $3.67. Its trading volume nearly doubled, from $914 million to $1.8 billion, resulting in a market cap increase from $5.6 billion to $10.3 billion.
According to Ramani Ramachandran, co-founder of Router Protocol, this growth is due to the strong growth of the Sui ecosystem. He claimed that the blockchain has excellent developer tools and that the active community around it are the major drivers.
DOT (58.9%)
Polkadot’s DOT price jumped 58.9%, moving from $3.85 to $6.12. Trading volume soared by 604%, from $142 million to over $1 billion, while its market cap grew by 52.5%, reaching $9 billion from $5.9 billion.
Polkadot has a strong developer community, and the anticipation for upcoming upgrades might also be responsible for this surge. These updates set the stage for the Polkadot 2.0 upgrade, which could enhance scalability and interoperability, driving more excitement around the platform.
SOL (57.91%)
The price of Solana’s SOL surged by 57.91%, going from $164 to $259. Its trading volume increased from $1.6 billion to $11.3 billion, while its market cap went from $78 billion to $122 billion during the same period.
Solana was already having a good year thanks to the majestic rise of pump.fun, the memecoin generator, and increasing developer activity (the blockchain’s Real Economic Value (REV) surged to 111% of Ethereum’s). This increasing adoption in DeFi and NFTs, along with the recent listing on Robinhood, surely boosted investor sentiment.
KAS (54.5%)
Layer 1 blockchain network Kaspa’s KAS saw a 54.5% price increase, moving from $0.11 to $0.17. Its trading volume surged by 134%, from $110 million to $257 million, pushing its market cap up by 44.8%, from $2.9 billion to $4.2 billion.
KAS has been the boon of crypto whales, and their renewed interest over the past month surely played a role in its impressive resurgence. Their increasing positions signal growing confidence in the token’s future potential.
LINK (52.32%)
The native token of the Blockchain oracle platform Chainlink saw a price increase of 52.32%, from $10.11 to $15.40. Trading volume surged by 227%, from $305.5 million to $1 billion, while its market cap grew by 27.1%, from $7 billion to $8.9 billion.
Notably, LINK was building on positive market momentum with the launch of the network’s Staking v2.0 feature and its multiple partnerships.
AVAX (52.2%)
Avalanche’s AVAX saw its price rise by 52.2%, from $24.43 to $37.18. Its trading volume also soared by 597.67%, going from $258 million to over $1.8 billion, while its market cap went up to $14.6 billion from $9.5 billion.
One major growth factor was Avalanche’s introduction of synthetic dollars (deUSD), a tokenized asset geared towards institutional participation in the DeFi sector. Another is the increasing adoption of AVAX by whales. A single entity reportedly purchased over $15 million worth of the token in early November.
LTC (44.38%)
Litecoin’s price surged 44.38%, moving from $67.79 to $97.89.Trading volume spiked by nearly 300%, from $326 million to $1.3 billion, while its market cap increased by 28.9%, from $5.2 billion to $6.7 billion.
The positive impact of Bitcoin’s halving event boosted investor confidence in the broader crypto market, including Litecoin. Additionally, LTC’s growing use in the payments sector has driven its rise. More businesses are adopting Litecoin for fast and low-cost transactions.
ETH (29%)
Ether gained a modest 29%, rising from $2,400 to $3,100. Its trading volume rose by 45%, from $20 billion to $29 billion, while its market cap went from $302 billion to $386 billion.
While Ethereum has been undergoing a series of updates on its infrastructure that would enhance its scalability and reduce transaction fees, this growth is expected because its of its close correlation with Bticoin’s market movement.
MAGIC (26.47%)
MAGIC is the native token of Treasure, a gaming project originally built on Layer 2 blockchain Arbitrum. The team recently proposed moving the project to another blockchain platform, zKSync, to improve security and scalability and better support blockchain-based games. The token’s price growth from $0.34 to $0.43 might be a response to this move.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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