- Bitcoin’s price remained steady at $105,000, while U.S.-based altcoins collectively saw trading volumes surpassing $64 billion.
- As President Trump takes office, speculation around favorable regulatory changes for cryptocurrencies boosted market sentiment.
The market capitalization of cryptocurrencies developed in the United States jumped 15% over the last 24 hours, crossing $544.15 billion as of January 22. The best performers were Ripple’s XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), and Avalanche (AVAX). All of these posted strong gains as speculation grew over the direction of regulation under President Donald Trump.
Top US Altcoins Rally as Donald Trump Takes Office
This comes at a time when optimism around pro-crypto policies expected during the new term by President Trump is rising, especially during the first 100 days in office, as previously mentioned in our report. The financial markets, cryptocurrencies, and even foreign exchange markets have been seeing extreme volatility due to executive orders during the early term.
Bitcoin price traded close to $105,000 during this time, while U.S.-based altcoins rose in price between 2% to 9%. These gains boosted the trading volume for altcoins produced in the United States to more than $64 billion, according to CoinGecko. Almost 25 such altcoins were on a roll, basking in the hope of positive changes in the crypto regulatory environment.
XRP, Solana, Avalanche, and Chainlink took charge to make up for lost time in their week’s performance and also maintain an upward trajectory early Wednesday, as noted in our previous post. Market participants are navigating an environment of heightened uncertainty tied to Trump’s policies and their impact on global markets.
Whilst, uncertainty over U.S. fiscal policies has further pressured the U.S. dollar. According to Citi analysts, the USD is overvalued by about 3%, but this may not stop it from appreciating further in the short term. Overvaluation could open up avenues for cryptocurrencies such as Bitcoin to act as a hedge against inflation and market volatility.
Bitcoin’s consolidation around $105,000 underscores the crypto market’s navigating through uncharted territory. Thus, traders are bracing for potential policy-driven disruptions in the weeks ahead.
Industry Leaders Comment On Policy Implications
Delta Exchange Co-Founder and CEO Pankaj Balani commented on the market’s reaction to the pro-crypto stance taken by Trump. “Trump’s pro-crypto stance has created significant momentum in the markets, with the global crypto market growing by $1.8 trillion in 2024, including $1 trillion since his victory,” he pointed out.
As executive orders are issued ahead, this might allow U.S. banks to participate more actively in cryptocurrency markets, including trading, custody, and providing related services to their high-net-worth clients, as we covered in our latest post.
Moreover, Michael Egorov, the founder of Curve Finance, said that the future of stablecoins will definitely evolve with time. “I expect that the stablecoin space, in particular, is going to see advancements in 2025, including the growing role of stablecoins that are pegged not to the USD but to other local currencies,” he said. In this respect, it could become a reshaper of the global payment system, where interactions between stablecoins and different fiat currencies would grow further.
