Exciting Developments in Crypto Following Trump’s Election Victory 🎉
The recent presidential election victory of Donald Trump has sparked noteworthy movements in the cryptocurrency market. According to data from Artemis Terminal, various digital currencies, particularly Fetch.ai (FET) and Ripple (XRP), have outperformed Bitcoin, which serves as the market benchmark. As the crypto landscape evolves, this year presents a potential inflection point for altcoins. Let’s explore which sectors are thriving post-election.
Artemis Terminal Insights: Notable Crypto Sectors Following Trump’s Win 🚀
Reports from Artemis Terminal reveal that several cryptocurrencies, including FET (Fetch.ai) and XRP (Ripple), have experienced remarkable gains in recent hours. The catalyst for this surge appears to be Trump’s victory in the U.S. election, prompting curiosity about the specific sectors thriving in this environment.
Ethereum, in particular, demonstrated strong performance, surpassing Bitcoin’s benchmark. While Bitcoin saw its value increase by 6% in the past day, Ethereum’s growth stood at 8%. This 2% difference, although seemingly modest, suggests an emerging trend where altcoins may begin to lead the market.
This electoral outcome aligns with a notable shift in Bitcoin’s dominance, which peaked at 60% before experiencing a bearish engulfing pattern. Artemis Terminal’s dashboard highlights that many investment sectors are reporting excellent results, with a vast majority outperforming Bitcoin’s rate of return.
- Average altcoin returns hover around 8.4%.
- Leading categories in performance include:
- Staking
- DeFi (Decentralized Finance)
- Memecoins
- Perpetual DEX
- Data services
- Data availability
- Real World Assets (RWA)
- AI (Artificial Intelligence)
- Oracles
Several tokens particularly stood out with significant gains over the last day, including:
- UNI: +32%
- NEIRO: +33%
- AAVE: +25%
- INJ: +23%
- ENA: +21%
- RUNE: +20%
There is a keen focus on the potential behavior of memecoins, considering their recent outperformance against other asset classes over the last three months.
Fetch.ai (FET) Gains Traction and Highlights AI Developments 🤖
Among the notable movers is Fetch.ai (FET), which has become a focal point amidst the bullish market activity. Following its recent merger with OCEAN and AGIX, Fetch.ai now projects a renewed identity as the “Artificial Superintelligence Alliance.” The token has surged by 20% within a single day.
FET is emerging from a bear phase characterized by stagnant performance over the summer months, now showing the first signs of recovery this year. The price has once again crossed the $1.40 mark, moving above the 50-day Exponential Moving Average (EMA) on the daily chart, suggesting the possibility of further upward movement.
Although the all-time high of $3.48 remains out of reach, the current market dynamics signal that a shift may be underway. Fetch.ai has gained a notable $700 million in market capitalization in just one day, an impressive figure considering its total market valuation of $3.7 billion.
Furthermore, the FET price chart is forming an “inverse head and shoulders” pattern, which often indicates bullish potential. Analysts suggest that a positive season for AI-based tokens might be on the horizon, with FET positioned to benefit significantly from this trend.
Ripple (XRP) – A Ray of Hope Amid Legal Challenges ⚖️
Another cryptocurrency making waves in the past 24 hours is Ripple (XRP). Despite ongoing legal issues with the SEC, XRP displays promising signs that a resolution may be approaching. The token has increased by approximately 5%, allowing it to break through the critical psychological level of $0.50.
While XRP’s performance appears modest compared to some altcoins, it’s crucial to recognize its substantial market capitalization. For context, a 20% increase in FET led to a $700 million market cap boost, whereas XRP’s 5% increase resulted in a $1.7 billion rise.
Notably, XRP has yet to cross its 50-day EMA, signaling that downward pressure may still linger. A bullish resurgence may only occur if XRP can reclaim the $0.60 mark, overcoming significant resistance levels.
The potential bullish wave for XRP could accelerate should President Trump choose to replace Gary Gensler and restructure the SEC. Such a change could heighten Ripple’s chances of winning its legal battle, alleviating the financial burdens imposed by the Commission.
With a prior ruling declaring XRP a “non-security” token, the crypto community remains hopeful for a swift resolution. Should XRP prevail in its ongoing litigation, it may pave the way for the introduction of the first U.S. spot ETFs in the realm of cryptocurrency.
Conclusion 🌟
The recent developments in the cryptocurrency market following the election outcome signal potential shifts in behavior and performance across various sectors. As Fetch.ai and Ripple gain momentum, their trajectories this year could herald a new phase for altcoins. The market remains dynamic, and the unfolding events promise to be captivating for all crypto enthusiasts.
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