Trump promised regulations that could benefit the entire cryptocurrency industry.
According to the Blockchain Center definition, there is no altseason yet.
Bitcoin went into ‘bull run’ mode. Donald Trump’s victory in the US presidential election boosted the price of the digital currency (which is now close to $80,000). The president-elect has promised to encourage the development of the cryptocurrency industry in its many facets.
The rise of bitcoin is dragging numerous altcoins (cryptocurrencies that are not bitcoin) upwards. As CriptoNoticias reported this morning, at the time of this publication all the crypto assets in the top 100 by market capitalization, with the exception of stablecoins, have their weekly numbers in green.
And no one wants to be left out of the bullish party. The general rise in the market is causing even cryptocurrencies that had been in a downward trend for months to “wake up.”
This is, for example, the case of cardano (ADA) which rose 84% in the last 4 days, reaching figures not seen since April 2024.
In the following graph it can be seen at a glance that the cryptocurrency created by Charles Hoskinson was in a marked downward trend for most of the year.
Another altcoin that gives some indication that it is beginning to wake up (although not yet with the energy that its investors expect) is XRP, the cryptocurrency issued by the Ripple company.
XRP’s behavior has been erratic so far in 2024, but arguably maintains some sideways trend.
Will this rise lead it to break out of the lateral channel and enter a strong uptrend? Maybe so… Maybe not… for now it can only be said that XRP is threatening to rise. We will have to wait to see if he succeeds.
Another cryptocurrency that can be described as “dead in the process of resurrection” is bitcoin SV (BSV)formerly called “bitcoin satoshi vision.” This fake bitcoin promoted by Craig Wright (whom we affectionately know as “Faketoshi”) has had a markedly bearish first half of the year. Since July, a slight upward trend began that skyrocketed during the last week.
We will have to wait to see if this rise in BSV can be sustained over time or if it is something temporary. Regardless, BSV is 87% below its all-time high reached in April 2021.
And finally (just to not make the list too long, which could include dozens of examples) we will mention bitcoin cash (BCH)another digital asset that aims to replace bitcoin by appropriating its name.
The “bitcoin that can be used to pay for a coffee,” as its promoters like to say, has had a largely bearish year. The rise of the last week gives a little hope (just a little) to those who decided to hold this altcoin, as it took its price to levels not seen since August 2024:
Even though there are more than 100 cryptocurrencies in the green, there is still no declared altseason, according to the definition from BlockchainCenter.
This organization determines that there is an “altseason” if 75% of the top 50 coins performed better than bitcoin over the last 90 days.
