Cryptocurrency Surge Post-Trump Election Following Donald Trump's election victory, the cryptocurrency market has experienced a significant surge, adding over $1 trillion in value. Bitcoin approached $100,000 per coin while XRP saw an extraordinary 400% increase in its value within a month. This rally is largely attributed to Trump’s crypto-friendly stance and promises to make the U.S. a global hub for cryptocurrencies during his campaign—contrasting with his earlier skepticism of digital assets.
XRP's Rise Amid Political Influence Launched by Ripple Labs in 2012 as an efficient tool for international payments, XRP recently became the third-largest cryptocurrency globally due to political factors rather than its inherent features. The optimism stems from Trump’s pledges like creating a 'crypto reserve' and appointing pro-crypto figures such as Howard Latnik into key positions.
Elon Musk's Role & Market Caution Elon Musk played a pivotal role by heavily supporting Trump's campaign financially and securing influence through roles tied indirectly to cryptocurrencies like Doge governance initiatives. Despite this bullish trend across cryptos including Bitcoin nearing record highs, experts advise caution given past volatility where sharp gains were often followed by steep declines.