Bitcoin’s surge past $90,000 has reignited interest across the cryptocurrency market, setting the stage for altcoins to capture fresh momentum. Fueled by optimism around the Trump administration’s pro-crypto stance, Bitcoin’s recent gains have sparked investor enthusiasm for top altcoins poised to benefit from this rally. Since November 5, the broader market has gained significant traction, with key assets making impressive strides alongside Bitcoin. Here are the trending altcoins to watch as this bullish wave creates new growth opportunities.
Quick Take
-
Ethereum (ETH) surged to $3,400 on strong ETF inflows and DeFi activity, with potential to reach $4,000 as spot Ether ETFs gain traction among institutional investors.
-
Peanut the Squirrel (PNUT) rallies 800% in a week, making the most of the upbeat market sentiment and renewed attention on memecoins, especially political-themed ones.
-
Dogecoin (DOGE) rose to $0.43, driven by Trump’s announcement of a “DOGE” department co-led by Elon Musk, which has intensified retail interest in the memecoin.
-
XRP (XRP) gained 15% on hopes of a regulatory resolution with the SEC, bolstered by speculations of Trump administration support, and could rally further with a favorable outcome.
-
Cardano (ADA) increased 35% as founder Charles Hoskinson engages with U.S. policymakers; upcoming upgrades like the “Chang” hard fork aim to enhance Cardano’s governance and scalability.
-
Bonk (BONK) flashes “GOD candle,” signaling a continuation of its rally to new gains in the short-term.
Ethereum (ETH): ETF Inflows and DeFi Expansion Fuel Growth
ETH/USDT price chart | Source: KuCoin
Ethereum has rallied over 37% this past week, climbing to a peak of $3,400 amid surging institutional demand and a renewed wave of activity in decentralized finance (DeFi). Ethereum’s rally has been bolstered by spot Ether ETFs, which have seen inflows nearing $295 million, with Fidelity’s Ether ETF leading the pack. This influx of institutional capital is helping narrow the performance gap between Ethereum and Bitcoin, as Ethereum’s utility continues to grow through DeFi and broader blockchain applications. With Vitalik Buterin recently discussing Ethereum’s ambitions to combine finance and information systems, the platform’s dual focus is drawing heightened interest from institutional and retail investors alike.
As analysts eye $4,000 as Ethereum’s next price milestone, additional catalysts may come from a potential SEC approval of U.S.-based spot Ether ETFs, which could further fuel demand. DeFi applications on Ethereum are also seeing a marked increase in active addresses and transaction volumes, signaling broader engagement and reinforcing the network’s position as a decentralized finance leader. Ethereum’s expanding role in the market, coupled with increasing institutional interest, points to a robust growth outlook as we head into 2024.
Read more: What Is The Surge Phase in Ethereum 2.0 Upgrade?
Peanut the Squirrel (PNUT) Gains Over 800% in a Week After CEX Listings
PNUT/USDT price chart | Source: KuCoin
Peanut the Squirrel (PNUT) has emerged as one of the top-performing memecoins, rallying over 800% within a week and attracting significant attention from traders and crypto enthusiasts alike. Launched on Solana, PNUT skyrocketed after being listed on KuCoin and Binance, with its trading volume exceeding $1.1 billion in 24 hours. Initially created as a tribute to Peanut, an internet-famous squirrel whose controversial euthanization became a political flashpoint during the U.S. election, PNUT’s story quickly resonated with the public, gaining support from Trump supporters and fueling its popularity beyond crypto circles. This surge in interest has catapulted PNUT’s market cap to over $442 million, making it one of the most discussed memecoins on Solana.
The momentum behind PNUT is fueled not only by its unique backstory but also by a growing investor base, which has now surpassed 45,000 holders globally. Analysts predict that the coin could see further growth, with some forecasting a target market cap between $10 billion and $20 billion if the current trajectory holds. Technical indicators support this bullish outlook, with higher lows forming on the chart—a signal that buyer interest remains strong. While some traders anticipate PNUT could even surpass memecoins like PEPE, only time will tell if this squirrel-themed token can maintain its upward momentum and become one of the dominant players in the memecoin market.
Read more: Top Solana Memecoins to Watch in 2024
Dogecoin (DOGE): Trump’s “DOGE” Department Boosts Memecoin Market
DOGE/USDT price chart | Source: KuCoin
Dogecoin has been one of the biggest winners in the postelection rally, surging over 200% in just three weeks. Trump’s recent announcement of the Department of Government Efficiency, cheekily referred to as the “DOGE” department, has reignited interest in the original memecoin. The new department will be co-led by Tesla CEO Elon Musk, an avid supporter of Dogecoin, alongside Vivek Ramaswamy. The announcement has led to a wave of speculation that Musk’s influence could shape pro-crypto policies in the U.S. government, adding to Dogecoin’s appeal among retail investors. As a result, Dogecoin reached a peak of $0.43, its highest level in years.
Technical analysts have pointed out that Dogecoin’s current rally may still have room to grow, with targets ranging as high as $2.40 or even $18 under favorable market conditions. With DOGE riding high on speculation and retail enthusiasm, its bullish structure appears to be consolidating for further gains. This renewed momentum has set Dogecoin apart as a strong contender in the meme coin space, making it a high-risk, high-reward asset for those willing to capitalize on market volatility.
Read more: Dogecoin Soars 80% in 1 Week as Trump Introduces 'DOGE' Department, Backed by Musk and Ramaswamy
Cardano (ADA): U.S. Policy Influence and Network Upgrades Drive ADA Surge
ADA/USDT price chart | Source: KuCoin
Cardano has also been a notable performer in the wake of Trump’s election, with ADA gaining 35% to reach its highest price in weeks. This rally comes as Cardano founder Charles Hoskinson announced his active engagement in shaping U.S. cryptocurrency policy. With the Trump administration likely to take a friendlier stance on blockchain technology, Cardano’s proactive involvement in regulatory discussions positions it as a unique asset within the crypto space. ADA’s price increase reflects growing confidence in Cardano’s ability to navigate the evolving regulatory landscape and potentially influence favorable outcomes for the broader blockchain ecosystem.
Technological advancements are further strengthening Cardano’s outlook. The network’s upcoming “Chang” hard fork, scheduled for December, introduces community-driven governance mechanisms, empowering ADA holders with voting rights and enhancing decentralization. Additionally, the planned Ouroboros Leios upgrade aims to improve Cardano’s scalability and transaction speed, making it more competitive with other major blockchains. With a commitment to regulatory engagement and network improvements, Cardano is poised for a sustained rally, potentially positioning ADA as a major player in the next phase of market growth.
Read more: Cardano Chang Hard Fork: All You Need to Know
Ripple’s XRP: Trump Administration Rumors and Regulatory Optimism Drive Rally
XRP/USDT price chart | Source: KuCoin
XRP has rallied over 15% amid rumors that Ripple executives may be working with the Trump administration to resolve ongoing regulatory challenges with the SEC. The potential for a favorable outcome has excited investors, with XRP reaching $0.74, a level it has not seen in months. The renewed optimism is reflected in XRP’s futures open interest, which has surged significantly, indicating strong investor confidence in the asset’s upward trajectory. Analysts believe that a positive resolution with the SEC could be a game-changer, providing XRP with regulatory clarity that could drive substantial price gains.
Moreover, technical indicators point to strong bullish momentum for XRP, as it has consistently outperformed other major cryptocurrencies in recent sessions. The prospect of Trump’s administration creating a more crypto-friendly environment has made XRP a favored asset, especially among investors looking to hedge against regulatory uncertainty. If XRP can maintain its current momentum, analysts predict that it could rally toward $1.00 or beyond, solidifying its position as a major player in the altcoin market.
Bonk Rallies as “GOD Candle” Signals Room for Potential Gains
BONK/USDT price chart | Source: KuCoin
Bonk (BONK), a Solana-based memecoin, has recently captured market attention with a 23% surge, breaking past a key resistance at $0.000025. This upward momentum, driven by what analysts refer to as a “GOD candle,” has positioned BONK as a contender in the current altcoin rally. Following this breakout, BONK reached a peak of $0.000034, suggesting that the meme token could be on the cusp of a broader bullish trend. Strong MACD alignment reinforces this momentum, indicating substantial buying interest that may push BONK toward its next resistance level at $0.000045.
The market response has been bolstered by BONK’s recent listing on Binance US, significantly boosting its trading volume on decentralized exchanges (DEXs) to over $60 million in two days. Technical indicators, such as a bullish golden cross between the 50-day and 200-day moving averages, signal potential for sustained growth. However, with high volatility in play, market watchers remain cautious. The price needs to stay above $0.000026 to confirm a bullish continuation, with analysts eyeing a potential year-to-date high of $0.000044 if the current trend persists.
Conclusion
Bitcoin’s correction today has seen it retrace slightly, now trading around $86,000, yet strong fundamentals across the crypto market signal continued momentum for altcoins. With the Trump administration hinting at potential pro-crypto policies, investors are closely watching how upcoming regulations might fuel or temper this rally. Altcoins like Ethereum, Dogecoin, XRP, PNUT, and BONK are positioned to capture gains, each backed by unique fundamentals or significant speculative interest. Though the market’s high volatility calls for cautious optimism, institutional backing and supportive U.S. policies could indeed usher in one of the most transformative phases in crypto history.
Read more: PayPal Integrates LayerZero, Trump Appoints Musk to Lead DOGE and More: Nov 13
