- Trump’s re-election has driven significant gains in the crypto market, with Bitcoin and Ethereum up 9% and 11%, respectively.
- Dogecoin, spurred by rumours of Elon Musk’s involvement in a Trump government initiative, leads gains with an 18% increase.
- Solana has surged 14%, overtaking Binance’s BNB to become the fourth largest cryptocurrency by market cap.
- Market optimism is also spurred by expected pro-crypto policies under Trump, including a possible Solana ETF and relaxed regulations.
Trump’s re-election has sent the crypto market into a frenzy, with Bitcoin, Ethereum gaining 9% and 11% respectively in the past 24 hours. The biggest gainer in the top ten is Dogecoin though, as the oldest memecoin has rallied around 18% in the past 24 hours.
Related: Massive Profits | $11K in Hours as Bitcoin Hits All-Time High!
The push for DOGE comes as Elon Musk is said to be involved in the upcoming Trump government. He reportedly will head the so called “Department of Governmental Efficiency”, or in short D.O.G.E.
Another big winner of the hour is Solana, which has gained 14% in the past 24 hours. Interestingly SOL has surpassed Binance’s BNB in market cap, making Solana the fourth largest crypto.
At the time of writing, SOL trades at US$189.52 (AU$288.51) and has reached a market cap of US$89 billion (AU$135.5 billion). SOL has yet to reach its all-time high, which was US$260 (AU$395.76) in 2021.
Trump Win Places Solana ETF Within Reach
The surge in SOL price is no doubt due at least in part to the anticipated changes in the regulatory environment for crypto in the United States. While Donald Trump has pledged to fire Gary Gensler on day one after his election and install a Bitcoin reserve, he is also expected to be good news for a whole range of crypto-related exchange-traded funds (ETFs).
While some, like XRP, Litecoin and others have recently seen applications for ETFs in the US, Solana is top on the list of most observers. Canary Capital Group, VanEck and 21Shares all have filed for an ETF, while Franklin Templeton is rumoured to consider a listing.
Related: Circle CEO Touts Stablecoins as Future of Global Trade at Hong Kong FinTech Week
Syncracy Capital co-founder Daniel Cheung said markets are not fully pricing in the Trump victory yet and that the “upside for the industry is likely much higher than previously anticipated”.
SOL ETF likely happens in Q1 2025 putting SOL in a position to flip ETH and even trade at $1000.
Daniel Cheung,Syncracy CapitalFranklin Templeton recently announced a Solana mutual fund, while VanEck has just introduced a staking ETN (exchange-traded note) in Europe. VSOL, which was launched in 2021 lets investors receive 75% of staking rewards, with VanEck keeping the other 25%.
Credit: Source link
