The promise of a pro-crypto regulatory environment led by the incoming administration of the United States President Donald Trump has triggered a positive effect among cryptocurrencies, with the native assets of layer-1 blockchains raking in substantial gains.
According to a CryptoQuant report, crypto assets like XRP, TRX, Toncoin (TON), SOL, ADA, the native assets of Ripple, Tron Network, The Open Network, Solana, and Cardano, respectively, have witnessed significant rallies since the conclusion of the U.S. presidential elections.
Rippleās native cryptocurrency, XRP, has surged over 120% to $1.40 since the elections, crushing the $1 mark for the first time in three years. Data from CoinMarketCap shows the asset is up more than 166% monthly and 25% daily, a growth partly fueled by a resignation update from the U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler.
The SEC and Ripple have been involved in a legal battle for years, and Genslerās departure could ease the digital asset infrastructure developerās concerns.
The rise in the value of XRP coincides with decentralized exchange (DEX) activity on the network hitting a new all-time high and total active addresses spiking to the highest daily level since early 2024. CryptoQuant found that DEX volume on the XRP Ledger (XRPL) reached $3.5 million on November 15, with participation from 80 traders. Ripple launched this new automated market maker DEX in May to support the chainās limit order book DEX.
Tron Networkās native token, TRX, also hit a multi-year high of $0.20 and is up almost 10% weekly. Tron has witnessed a steady growth in transaction activity, driven by the use of Tether (USDT). This year, the networkās daily transaction count rose to a new high of 10 million, while the total supply of USDT hit a record high of over $60 billion.
In addition, Toncoinās value increased by 39% amid the high level of activity and stablecoin liquidity on The Open Network. Daily active addresses on the network now hover around one million, up significantly from 60,000 at the start of the year. CryptoQuant also attributed this growth to the integration of USDT on TON in April. The stablecoin has become one of the most active assets on the network, with a circulating supply above $1 billion.
SOL has rallied to an all-time high of $263, while ADA is up 160% to levels last seen in March 2024.
CryptoQuant added that the surge in altcoin prices came with a spike in daily spot trading volume. On November 11, the metric reached one of the highest levels recorded this year.
The post Layer-1 Assets Rally as Market Anticipates Trumpās Pro-Crypto Administration: CryptoQuant appeared first on CryptoPotato.
According to a CryptoQuant report, crypto assets like XRP, TRX, Toncoin (TON), SOL, ADA, the native assets of Ripple, Tron Network, The Open Network, Solana, and Cardano, respectively, have witnessed significant rallies since the conclusion of the U.S. presidential elections.
Layer-1 Coins on the Rise
Rippleās native cryptocurrency, XRP, has surged over 120% to $1.40 since the elections, crushing the $1 mark for the first time in three years. Data from CoinMarketCap shows the asset is up more than 166% monthly and 25% daily, a growth partly fueled by a resignation update from the U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler.
The SEC and Ripple have been involved in a legal battle for years, and Genslerās departure could ease the digital asset infrastructure developerās concerns.
The rise in the value of XRP coincides with decentralized exchange (DEX) activity on the network hitting a new all-time high and total active addresses spiking to the highest daily level since early 2024. CryptoQuant found that DEX volume on the XRP Ledger (XRPL) reached $3.5 million on November 15, with participation from 80 traders. Ripple launched this new automated market maker DEX in May to support the chainās limit order book DEX.
Tron Networkās native token, TRX, also hit a multi-year high of $0.20 and is up almost 10% weekly. Tron has witnessed a steady growth in transaction activity, driven by the use of Tether (USDT). This year, the networkās daily transaction count rose to a new high of 10 million, while the total supply of USDT hit a record high of over $60 billion.
Daily Spot Volume Surges
In addition, Toncoinās value increased by 39% amid the high level of activity and stablecoin liquidity on The Open Network. Daily active addresses on the network now hover around one million, up significantly from 60,000 at the start of the year. CryptoQuant also attributed this growth to the integration of USDT on TON in April. The stablecoin has become one of the most active assets on the network, with a circulating supply above $1 billion.
SOL has rallied to an all-time high of $263, while ADA is up 160% to levels last seen in March 2024.
CryptoQuant added that the surge in altcoin prices came with a spike in daily spot trading volume. On November 11, the metric reached one of the highest levels recorded this year.
The post Layer-1 Assets Rally as Market Anticipates Trumpās Pro-Crypto Administration: CryptoQuant appeared first on CryptoPotato.
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