- Legacy altcoins like XRP, Hedera, Algorand and Cardano are making a comeback, posting massive gains over the past month.
- XRP has surged 431% in the last four weeks, fueled by rumours of an ongoing SEC lawsuit coming to an end.
- Investor interest in classic cryptos has been reignited by Trump’s election victory, technological updates and increased platform adoption.
Let’s party like it’s 1999 2017.
Legacy altcoins are back on the menu, with projects lying dormant in the market for several years finally breaking the shackles and posting monster gains.
Big names from the past like XRP, Hedera, Algorand and Cardano have re-asserted themselves as top crypto projects over the past month.
So what’s behind the optimism, and can it last?
Related: Altcoin Season Is Here, Analyst Explains How to Turn $1k Into $10k
Rumours of SEC–XRP Lawsuit Resolution Sends Coin Flying
The biggest story of the past week is XRP.
The global currency project has been around since some crypto traders were in diapers (considering the degen nature of our community this is not an exaggeration).
However, unlike most past cryptocurrencies that reached all-time highs in the spectacular 2021 bull run, it’s been nearly seven years since XRP’s last ATH.
A key reason for the subdued market interest is the protracted legal battle between Ripple Labs and the Securities and Exchange Commission. But with the election of Donald Trump, pundits believe that the SEC might go so far as to drop the case completely as part of their new Web3 regulatory strategy.
This has sent the XRP market into a frenzy, with the coin surging a whopping 431% in the past month of trading.
Other positive factors include XRP Ledger’s move into DeFi and increased network activity across its ecosystem.
Altcoin Season Arrives as Hundred Percent Gainers Abound
XRP isn’t the only old-school crypto riding high.
Its sister project, XLM, has also experienced monthly gains of 480%, while ALGO (351%), HBAR (395%), LINK (122%) and ADA (250%) have followed suit.
Part of the reason behind such massive gains is these projects have been relatively subdued over the past few years, despite many newer, non-Bitcoin cryptocurrencies excelling.
Investor interest has been re-ignited in some of these classic cryptos with high brand awareness, leading to superior network activity. Pair that with the euphoria of Trump’s election victory and impressive technological updates, and you have a recipe for going to the moon.
Of course, such monstrous prize rises aren’t sustainable in the short term. It’s just the way the markets work – whenever a coin goes up, there will be whales skimming profits off the top, slowing the bull run.
According to Santiment, this may be coming sooner, rather than later, for some of the top-performing altcoins.
Nevertheless, one thing is for certain – altcoin season is on our hands.
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