Bitcoin nears $100k, but 3 cryptos have climbed faster.

• Bitcoin up 39% mtd; set for biggest monthly gain since February
   
• Options markets betting about US$1 billion on $100k BTC by Dec 27th
   
• Dogecoin, Cardano, and Ripple have more than doubled (>100%) so far in Nov 2024
   
• Prices surge on hopes President-elect Trump’s policies will boost crypto demand

 

Bitcoin is moving tantalisingly close to the psychologically-important $100,000 level.

It really has been a remarkable surge since President-elect Trump won the 2020 US elections.

As things stand, Bitcoin has:

• risen about 39% so far this month
  set for its largest monthly gain since February 2024’s 44.7% advance
   
• jumped 128.8% so far this year
  still behind 2023’s 157% annual gain, though with about 6 weeks remaining in this calendar year

 

Why is Bitcoin soaring?

Bitcoin, along with other cryptocurrencies, have been surging on hopes that this asset class will receive a greater embrace by the incoming Trump administration.

Even though Trump will only officially re-occupy the White House on inauguration day (January 20th, 2025), cryptos have already been skyrocketing in anticipation.

For example, just today (November 21st) …

Bloomberg reported that the President-elect is considering a first-ever role within the White House dedicated to crypto policies.

This adds to Trump’s comments already made during the campaign trail about:

• making the US the crypto capital of the world
   
• increasing Bitcoin mining in the US
   
• the US government potentially creating a Bitcoin strategic reserve

Given all this talk, no wonder that cryptocurrencies have soared since Trump won on November 5th, with Bitcoin now within touching distance of the big, round $100,000 mark.

 

 

Is Bitcoin the best-performing crypto so far this month?

No. At least, not among the crypto-linked instruments Alpari offers on our platforms.

And it’s not even close.

Bitcoin’s near-40% month-to-date gain, while certainly nothing to snuff at, it pales in comparison to how much these 3 major cryptos have soared so far this month (November 2024):

 

1) Dogecoin: +142.6%

Why is Dogecoin soaring?

Dogecoin cheerleader and Tesla CEO, Elon Musk, has been publicly backing Trump during the campaigning period.

More recently, Musk has just been appointed to lead the new “Department of Government Efficiency”, which bears the initials DOGE.

By mere association, no surprise that the Musk-championed Dogecoin has soared since the US elections.

 

 

2) Cardano: +133.2%

Why is Cardano soaring?

Cardano’s founder, Charles Hoskinson, has announced that he is working closely with US lawmakers to shape the government’s cryptocurrency policies.

By mere association, no surprise that Hoskinson’s Cardano (ADA) has also surged since the US elections.

 

 

3) Ripple: +121.7%

Why is Ripple soaring?

Ripple has been soaring on hopes that XRP-backed ETFs could be approved by the US Securities and Exchange Commission sooner rather than later.

Recall that Bitcoin-backed ETFs were approved back in January 2024 (hence, BTC’s 157% climb in the year prior). Then, spot Ethereum ETFs were rolled out in July 2024 (though ETH’s reaction has been lacklustre since).

Applications for Ripple ETFs were already filed in October 2024 – before the November presidential elections.

Hence, Ripple proponents are hoping that, under the Trump administration, the XRP ETF would get the green light sooner than later, potentially boosting demand for this crypto.

Furthermore, Ripple has been engaged in a multi-year lawsuit with the SEC.

Hence, if the SEC under the Trump administration brings a swift end to this lawsuit, that is expected to pave the way for a Ripple ETF, potentially boosting demand for this crypto and sending its prices even higher (provided it mirrors Bitcoin’s price action post-ETF approval back in Ja 2024).

 

 

Honourable mention: Solana +42.8%
(so far in November 2024 a.k.a. month to date)

Similar to Ripple, applications for Solana-backed ETFs have already been filed.

Similar hopes and expectations are being placed on Solana’s price action pre- and post-ETF approval, potentially.

 

 

Can Bitcoin and other cryptos continue marching higher?

The potential, and momentum, does suggest more upside for crypto prices, provided the Trump administration indeed ushers in a crypto-friendly era that invokes even more demand for this asset class among investors and traders.

But therein also lies the risk.

Much of cryptos’ post-election gains have been based on hopes and expectations that the President-elect will come good on his proposals.

Should markets sense a delay to President Trump's crypto-friendly plans for the sector, or worse, if he reneges on them, it could prompt a rapid unwinding of price gains since the November elections.

 

READ MORE:

• 12 Nov 2024: Bitcoin hits $90,000! How high can it go?
   
• 6 Nov. 2024: US Elections - Trump triumphs! What lies ahead for markets?
   
• 5 Nov 2024: Trump vs. Harris - How US election results could impact global markets

 

 

crypto Bitcoin Dogecoin Cardano Ripple XRP Trump trade Election