17th January 2025 – (New York) Cryptocurrencies experienced a notable uptick on Thursday as investor interest shifted towards smaller, higher-risk coins in anticipation of President-elect Donald Trump’s inauguration. XRP and litecoin emerged as standout performers, rising 11% and 20%, respectively, according to Coin Metrics. The CoinDesk 20 index, which serves as a broad benchmark for the crypto market, climbed 4%.
In contrast, bitcoin saw a modest increase of less than 1%, trading at $100,000 following a two-day rally that had pushed its value up approximately 7%. Ether, however, fell 3% during the same session. Alexander Blume, CEO of Two Prime Digital Assets, commented, “Retail investors are looking for opportunities as a new pro-crypto administration gets ready to roll in. The Trump administration is a rising tide that will lift all boats in crypto, and altcoins are seeing some early gains from this.”
With Trump’s inauguration set for Monday, trading platform operator Coinbase rose by 2%, while Robinhood gained more than 1%. MicroStrategy, often regarded as a proxy for bitcoin trading, also saw an increase of over 1%. Gracy Chen, CEO of crypto exchange Bitget, remarked, “The first 50 days of Trump’s presidency will determine bitcoin’s trajectory in 2025,” highlighting the market’s heightened expectations for his leadership. Trump’s campaign promises, including the formation of a crypto advisory council and the replacement of SEC chair Gary Gensler, have further fuelled optimism among investors. The prospect of the government incorporating other cryptocurrencies into its strategic reserve has also sparked interest in coins like XRP and Solana, although Blume cautioned that the best long-term value remains in Bitcoin.
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