Trump Sparks Record-Breaking Crypto Rally: $1.1 Trillion Gained in November

The cryptocurrency market experienced a historic surge in November 2024, adding over $1.1 trillion in market capitalization and reaching a total market cap of approximately $3.47 trillion. This dramatic growth marked the strongest monthly rally in crypto history, driven by a confluence of favorable political and economic developments.

A key driver of this surge is the optimism surrounding Donald Trump’s presidency. Trump has openly stated his intention to "fire Gary Gensler" upon taking office, though Gensler has already announced his resignation, effective January 20, 2025, the day Trump assumes the presidency. Additionally, President-elect Trump has signaled support for Bitcoin's role as a potential reserve asset, emphasizing its strategic value in maintaining U.S. financial dominance and hedging against global economic instability. His stance has bolstered confidence in the crypto market, fueling the record-breaking gains.

The War on Crypto is Ending

The regulatory crackdown on cryptocurrencies in the United States is entering a new era as Gary Gensler steps down as Chair of the SEC, signaling a potential shift in policy. During Gensler’s tenure, the SEC aggressively targeted crypto firms, creating uncertainty and stifling innovation within the sector. His departure is expected to pave the way for a more constructive regulatory environment, with policymakers increasingly expressing a willingness to collaborate with the crypto industry rather than oppose it.

The Fairshake Political Action Committee (PAC) has emerged as a significant force in U.S. politics, particularly during the 2024 election cycle. Established in December 2023, Fairshake focuses on supporting pro-cryptocurrency and pro-innovation candidates across the political spectrum. The PAC has been active in both supporting and opposing candidates to advance its crypto agenda. In the November 2024 elections, 48 out of the 50 candidates it supported were successful, with the remaining two races currently subject to recounts.

This combination of leadership change and growing political support suggests a brighter future for the cryptocurrency sector in the United States.

XRP Breaks Out of Its Multi-Year Slump

The cryptocurrency that may benefit the most from the end of the SEC's regulatory crackdown is XRP. In July 2023, a federal judge ruled that Ripple's programmatic sales of XRP, conducted through exchanges and accessible to the public, did not constitute securities transactions. The court distinguished between Ripple's programmatic sales, which were deemed non-securities, and its institutional sales, which were found to violate securities laws.

Many expected this ruling to pave the way for a quick and conclusive settlement between Ripple and the SEC, but that did not happen. Instead, the SEC continued its expensive case using tax payer funds, formally appealing the decision in October 2024. However, recent election results have dramatically shifted the landscape, fueling a significant rally in XRP’s price.

As of this writing, XRP has reached a multi-year high of $2.80, marking a 450% increase since the U.S. election, with a 30% surge on December 1st alone. This is the highest price XRP has achieved since December 2017, signaling renewed optimism among investors and a potential turning point for the cryptocurrency.

November Cryptocurrency Price Surge

The average cryptocurrency in the QC100 Index surged by 81.56% in November, the $1.1 tillion dollare market cap increase is the strongest month in cryptocurrency history. Major cryptocurrencies like Bitcoin, Ethereum, XRP, and Solana led the rally, with Bitcoin reaching an all-time high, just shy of $100,000. The altcoin market saw its largest monthly gains ever, with standout performers like Stellar, Hedera, Cardano, and Algorand each surging by over 200%. Meanwhile, Dogecoin, often associated with Elon Musk, climbed by an impressive 157%, further cementing its position as a favorite among investors.

The Crypto Future is Bright

As the cryptocurrency market continues to rally, the anticipation surrounding the upcoming policy changes under the new administration remains high. With 48 days until Donald Trump takes office, investors are already optimistic about the potential for regulatory clarity and pro-crypto policies.

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