In November 2024, the cryptocurrency market explodes: Bitcoin and Ethereum jump 30% while tokens like XRP or ADA soar. Behind these spectacular performances lies a geopolitical upheaval: the American crypto horizon could be radically transformed with the return of Donald Trump to the presidency of the United States.
A euphoric month of November
After a month of September already marked by an increase of 9%, the price of Bitcoin recorded a substantial increase of 34% in November! Ethereum's Ether, for its part, seems to be regaining momentum, recording an increase of 38% over this same period.
This is a remarkable fact, because Ether had already been losing ground against BTC for several months. Thus, a trend is gradually starting to emerge on the crypto market: the dominance of Bitcoin is declining slightly, leaving enough room for altcoins to express themselves.
The dominance of BTC, which passes under the ichimoku cloud in daily data
Although the month of October was unusual with significant attention from the crypto community focused on speculation around memecoins, the theory around a hypercycle of the latter seems to be gradually fading from minds.
Indeed, in the month of November, certain tokens ironically described as “ dinocoins » by part of the crypto community, were put in the spotlight by offering quite remarkable performances.
Buy cryptos on eToro
The 5 best performing cryptos in November
As you can see in the table below, 4 of the 5 cryptos that offered significant performances during the month of November are affected by what we were just talking about.
The common factor in the explosion in the price of these cryptocurrencies? A potential relaxation of American regulation regarding digital assets.
Indeed, since the election of Donald Trump as President of the United States, numerous pro-crypto measures have been considered, which has undeniably had a direct impact on the appreciation of the price of cryptocurrencies.
The 5 best performing cryptos in November
🤔What are the expected gains by investing in cryptocurrencies?
5 – Ripple (XRP): + 179%
The price of XRP is up by 179% in the last 30 days. Ripple is a project designed to facilitate fast and inexpensive cross-border payments, with a vision focused on banking industry adoption.
Unlike other cryptocurrencies, XRP is positioned as a product that embraces the traditional financial system, seeking to optimize it from the inside.
The current chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, known for his openly hostile policies towards cryptocurrencies, has announced that he will leave his post in January 2025, the same day as the future inauguration President of the United States, Donald Trump.
đź“– Discover our file listing the multiple attacks by the SEC against the cryptocurrency industry
This announcement was perceived positively by the market because it could mark a relaxation of anti-crypto regulation in the United States. Let us remember that Ripple has been in a legal dispute for years with the SEC, with the latter accusing XRP of being an unregulated security..
Open an account on Binance, the world’s #1 crypto platform
4 – Hedera Hashgraph (HBAR): + 184%
HBAR is the native cryptocurrency of the Hedera Hashgraph network, a decentralized platform that uses a unique technology, the hashgraph, which differs from traditional blockchains.
The price of HBAR is up by 184% in the last 30 days. Although there is nothing official yet at the time of writing, rumors fueled the recent rise in the price of HBAR: a potential partnership between Hedera and SpaceX.
Indeed, if the rumors were to be confirmed, Hedera would certainly benefit from favorable media exposure, due to the upcoming role that Elon Musk (founder and CEO of SpaceX) will exercise within the government of Donald Trump.
3 – Cardano (ADA): + 188%
The ADA token, native cryptocurrency of the Cardano blockchain, has seen its price appreciate by 188% over the last 30 days.
Cardano is a project that defines itself as “ the first blockchain based on rigorous scientific methodology “. The latter is considered to be a direct competitor to the Ethereum blockchain, while offering higher scalability.
Charles Hoskinson, founder of Cardano and co-founder of Ethereum, recently created buzz by claiming that he will be part of Donald Trump's next administration, which caused a sharp appreciation in the price of the ADA token.
Although this announcement seems particularly favorable for the future of the project, remember that Charles Hoskinson is an original character, who has a habit of making statements that create controversy.
2 – Stellar (XLM): + 409%
Stellar is a blockchain designed to facilitate fast and inexpensive financial transactions, with broadly the same DNA as Ripple. Created in 2014 by Jed McCaleb, who is also a co-founder of Ripple, Stellar focuses on financial inclusion and collaborations with institutions, such as central banks to develop digital currencies (CBDC).
The 409% increase in the price of XLM can be attributed to a recent announcement from the US Federal Reserve (FED) in which it is considering the use of Stellar and Ripple as potential tools to power the blockchain aspects of their system of FedNow payment.
Although no official decision has been made at the time of writing, the announcement triggered a powerful feeling of FOMO in the crypto community, which mechanically created buying pressure on the XLM token.
đź’ˇDiscover the journey that leads a beginner crypto investor to success
1 – Peanut the Squirrel (PNUT): + 1,423%
The PNUT comes at the top of this ranking with a colossal increase of 1423%. PNUT is a memecoin launched on October 31, 2024 on the Solana blockchain. It is inspired by the story of a squirrel named Peanut, euthanized in New York in a context of controversy which created a controversy.
The token quickly gained popularity thanks to the support of public figures such as Elon Musk, who expressed his outrage on X over the animal's tragic end. The story was widely publicized, transforming the incident into a symbol of protest against excessive regulation in the United States.
GMGN: the platform to buy meme coins easily
The top 200 cryptos that performed the best
Our previous ranking was based on the 100 most capitalized cryptocurrencies, not all the cryptocurrencies having offered exceptional performances in the month of November are necessarily included there.
When we extend our research scope to the top 200 cryptos in this same metric, sometimes higher performances can be highlighted.
The 5 cryptocurrencies in the top 200 that performed the best in November
Even when broadening our search to cryptos in the top 200, some well-established ones like ADA, XLM and PNUT also appear in this ranking. Their presence is explained by their already remarkable performance, which illustrates that looking for a “nugget” among lower capitalization cryptocurrencies is not always the most effective strategy.
Telcoin Project TEL is a crypto focused on mobile payments and decentralized finance, enabling fast and secure transactions via mobile networks. TEL recorded a 251% increase in its price during the month of November.
At the top of this ranking, the ACT memecoin from the project “ Act 1: The AI ​​Prophecy » with an exceptional performance of 1,595% over the last 30 days.
Although the reasons for such performance still remain unclear to this day, it seems that the listing of memecoin on the Binance exchange has created excitement around the token.
A favorable environment for altcoins
This month of November stands out as a historic turning point for the cryptocurrency market. Indeed, the future president of the United States, Donald Trump, clearly displayed his determination throughout his campaign, his desire to make the United States “the main hub for the cryptocurrency industry “.
Although some skeptics view this commitment as a purely electoral strategy, concrete changes already seem to be taking place.
This creates an environment favorable to innovation, supported by more flexible regulation which moves the sword of Damocles hanging over altcoins a little further away every day.
However, it remains essential to remain cautious in the face of this excitement. Excess enthusiasm or a feeling of FOMO could lead to rash decisions, typical of bull run phases.
Don't miss your bull run by joining our community led by our experienced experts 👇
Black Friday: – 75% on Cryptoast Academy, don't miss the bullrun, join our experts
Source: Coincodex
The #1 Crypto Newsletter 🍞
Receive a summary of crypto news every day by email đź‘Ś
Some links in this article may be affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission.
Investments in cryptocurrencies are risky. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital
Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Theo Zananiri
97 items
