The cryptocurrency industry witnessed a market-wide rally after Donald Trump won the US Presidential election. The market rally was fueled by Trump’s pro-crypto stance. Trump has been very supportive of the crypto space. He even enabled crypto donations for his campaigns.
Also Read: U.S. Senate Launches First Crypto Subcommittee: A New Era for Regulation?
Current Cryptocurrency Market Trends
The crypto market has faced a significant pullback over the last month and a half. There was a substantial price correction in December 2024 after inflation figures in the US increased to 2.7%. The Federal Reserve announced only two interest rate cuts for 2025 to combat rising inflation.
The cryptocurrency market faced another correction this month following better-than-expected jobs figures in the US. The high job numbers have cast a shadow on hopes for an early interest rate cut this year.
There is a possibility that the cryptocurrency market will surge after President-elect Donald Trump’s inauguration on Jan. 20, 2025.
Also Read: Ethereum (ETH) To Hit New Peak Of $6000: Here’s When
Top 3 Cryptocurrencies That May Rally After Trump’s Inauguration
1. Bitcoin (BTC)
BTC is the market leader. Other assets will likely not move unless BTC rallies. Trump’s administration will likely levy lenient regulations on the cryptocurrency industry. The move could lead to a significant market resurgence.
There is a possibility that BTC will hit a new all-time high after Trump’s inauguration.
2. Dogecoin (DOGE)
DOGE is another cryptocurrency that could rally after Trump’s inauguration. Elon Musk is one of the most significant Trump supporters. The tech billionaire is also a vocal DOGE fan. Trump has greenlit the creation of the Department Of Government Efficiency (D.O.G.E.) at Musk’s request. We may witness a substantial rally for DOGE after Trump assumes office.
3. Ripple (XRP)
Ripple’s XRP token may also experience a rally after Trump assumes office. Ripple CEO Brad Garlinghouse recently had dinner with the President-elect. The cryptocurrency may have an easy road under the new administration.
Also Read: Ripple: XRP On Track To Claim $10; Here’s How