Bitcoin saw both highs and lows in the few days following President-elect Donald Trump’s victory, yet prices for several smaller digital assets gained more than what Bitcoin itself was able to produce.
Especially after speculation that the Trump administration would bring a more positive environment for digital assets, altcoins scored massive gains, particularly Dogecoin, ADA, and tokens of platforms like Polygon, Cosmos, Solana, and Algorand.
Dogecon’s Price Action after Trump’s Victory
The memecoin turbocharged by billionaire Trump supporter Elon Musk, gained 50% over its past five days of trading among high performers. Retail investors refreshed their interest in Dogecoin, seeing Musk’s endorsement and Trump’s election victory as bullish signals.
As Dogecoin’s price reached $0.2769, with a market cap of $41.13 billion and trading activity up 200% in the last 24 hours, it’s clear that demand and speculation are strong.
Other Altcoins That Gained Attention
Cardano’s ADA led the way, spiking over 60% in recent days. The movement was triggered by Cardano founder Charles Hoskinson’s appearance on a podcast discussing potential cooperation with U.S. lawmakers.
This was interpreted by investors as a positive signal that Cardano’s blockchain technology may gain traction with policymakers under the new administration, fueling ADA’s price rise. Other altcoins have also gained more than Bitcoin’s own 7% increase over the same period.
These include tokens associated with platforms such as Polygon, Cosmos, Solana, and Algorand, all benefiting from a resurgence of sector optimism.
Caroline Bowler, CEO of digital-asset exchange BTC Markets, noted that “If Bitcoin goes up then this stokes interest in the altcoins, which all tend to move together—so it really starts to have that ‘a rising tide lifts all boats’ type movement.”
Donations from the Crypto Industry for Trump’s Election Campaign
The cryptocurrency sector invested heavily in the election campaign, seeking to back candidates they saw as potential allies. With Trump’s victory, executives and investors are hoping for a more supportive environment.
Trump has pledged to replace SEC Chair Gary Gensler, a known crypto adversary, marking a significant success for the industry by potentially easing regulatory pressures on tokens and digital exchanges.
Trump’s plans go even further, pledging support for Bitcoin mining in the U.S. and proposing a strategic Bitcoin stockpile. These promises signal to investors that the administration may be open to investing in and revising policies to support a crypto-friendly ecosystem.
Analysts speculate that the incoming administration could also open doors to new ETFs for tokens beyond Bitcoin and Ether, potentially making altcoins like Solana’s SOL more visible and legitimate in the U.S. market.
The Road Ahead for Crypto Under Trump
Despite the optimism, experts caution that the degree and pace of these changes are unknown. A16z crypto, a crypto-focused venture capital firm, noted in a recent blog post that “it is still too early to know how everything will shake out,” regarding crypto regulation under Trump. However, the firm added that there is now “an avenue for productive dialogue with regulatory bodies,” suggesting potential progress in talks with officials. Bloomberg stated.
As Dogecoin and other altcoins experience significant price climbs, traders are watching closely for any signs that validate these speculative bets. Though uncertainty remains, the post-election sentiment in the crypto market signals potential growth, with some investors betting on a friendlier regulatory environment under the Trump administration.