As a seasoned analyst with years of experience navigating the cryptocurrency markets, I’ve witnessed firsthand the rollercoaster ride that is digital assets. The recent surge we’ve seen in altcoins like Dogecoin, Solana, and XRP has been particularly intriguing, fueled by the U.S. presidential election results and the subsequent optimism around a potentially more crypto-friendly administration.
The significant rise of Bitcoin towards $100,000 has sparked extraordinary trading action on Kraken’s futures market. Dogecoin perpetual contracts set new highs, outperforming Ethereum in 24-hour trading volumes for the first time, as stated by Alexia Theodorou, Kraken’s derivatives head.
Last November, Kraken recorded a staggering $2.5 billion in trades for its Solana perpetual contracts, setting a new all-time high. Similarly, it handled $2.3 billion in Dogecoin trades, also reaching an all-time peak. The crypto platform expects the total trading volume of perpetuals to reach an impressive $27 billion this month, nearing its record of $35.8 billion set back in May 2023.
According to Theodorou, Kraken has experienced a notable rise in the number of perpetual contracts being traded, as traders take advantage of opportunities or protect themselves against risks in the market’s post-election surge. Although Bitcoin futures are the most active, Dogecoin and Solana have shown higher volatility, leading to more trading possibilities and capitalizing on the recent market upswing.
The heightened activity surrounding the U.S. presidential election has boosted altcoins, particularly Layer 1 tokens. Notable increases have been seen in XRP, Solana, Toncoin, and Cardano, as per analysts at CryptoQuant. This surge in value is believed to be fueled by optimism over a possible administration more inclined towards cryptocurrencies in the U.S.
Over the past few days, XRP has been a remarkable gainer, climbing an impressive 120% following the election, peaking at $1.12 – its highest point since last November. This surge in value occurred simultaneously with a new peak of $3.5 million worth of transactions on decentralized exchanges using the XRP Ledger on November 15th.
Dovile Silenskyte, the director of digital assets research at WisdomTree, pointed out that the growing attention from institutions is causing a shift in focus, going beyond Bitcoin and Ethereum. Coins like XRP can offer diversification for mixed investment portfolios, thereby minimizing dependence on large-scale tokens.
Leveraging the current momentum, WisdomTree introduced the WisdomTree Physical XRP (XRPW) exchange-traded fund. This fund is now available for trading on Deutsche Börse Xetra, SIX Swiss Exchange, and Euronext in Paris and Amsterdam. European investors can easily gain exposure to XRP through this fund, with a management fee of 0.50%.
As optimistic feelings grow among investors, experts predict that alternative cryptocurrencies (altcoins) might keep surpassing the returns from investing in Bitcoin and Ethereum for the upcoming months.
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2024-11-21 21:24