Discover how the cryptocurrency landscape has transformed since Trump’s presidency. From Bitcoin’s all-time highs to the fall of former leaders, get insights into the current status of the top tokens in 2024.

As Donald Trump resumes his position as President, the cryptocurrency market stands at a pivotal moment, marked by substantial changes since his departure in January 2021. The recent analysis of the top cryptocurrencies from Trump's last term reveals a landscape that has experienced dramatic highs and lows. Let’s delve into how the major players in crypto are performing today against the backdrop of Trump's impending return.


Bitcoin: The Unyielding Gold Standard

Bitcoin has seen an impressive increase since Trump’s last presidency. When he left office, Bitcoin was valued at $35,302.18. Fast forward to November 11, 2024, and Bitcoin is now surging at approximately $82,379.60. The notable spike can be attributed to Bitcoin's all-time high of nearly $67,000 in November 2021, followed by the infamous FTX collapse in 2022, which temporarily drove its price down to $17,000. Bitcoin's resurgence is bolstered by its increasing acceptance among institutions, particularly fueled by spot exchange-traded funds (ETFs) coming into play. As analysts eye the significant $100,000 mark, Bitcoin solidifies itself as the leading cryptocurrency with added features like Ordinals, enhancing its utility within the burgeoning digital asset space.


Ethereum: Adjusting to Competition

Ethereum, once unchallenged as the supreme leader of smart contracts, has seen its market dominance eroded by competitors like Solana. Ethereum’s price stood at $1,361.05 in January 2021, climbing to $3,175.47 in November 2024. Despite this rise, Ethereum is evolving amid fierce competition. The platform has embraced layer-2 solutions to combat congestion and high fees, yet this shift has caused fragmentation within its ecosystem. The highly anticipated “Merge” transitioned Ethereum to a proof-of-stake model, drastically reducing energy consumption. While its innovations maintain Ethereum's relevance, heavy competition in the smart contract space poses a challenge.


Tether: Thriving Amidst Str Doubts

Tether (USDT) has solidified its position as a leading stablecoin, currently valued at around $120 billion despite its tumultuous history. The fallouts from the Terra-Luna collapse seem distant as Tether’s valuation has surged due to investments in U.S. Treasury Bills, providing them with a significant $6 billion reserve margin. The lack of a comprehensive audit raises eyebrows, and skeptics question the sustainability of its profitability. Nonetheless, Tether stands resilient as the third-largest cryptocurrency, reflecting its critical role in stabilizing the crypto market.


Polkadot: A Recalibrated Future

Polkadot, which was once flying high with aspirations of becoming a leader in multi-chain communication, has stumbled in recent years. Its price fell from $15.94 in January 2021 to just $5.13 as of November 2024. Although it is no longer in the top 10 rankings, Polkadot has undergone a significant transformation. The introduction of Agile Coretime is aimed at streamlining the developer experience, while a notable uptick in transactions — over 17 million in December 2023 — showcases its potential for recovery and growth.


XRP: Gaining Momentum After Legal Battles

XRP, despite controversies surrounding legality and competition, has made a notable comeback. From a price of $0.285924 in January 2021, it now stands at $0.581592. Ripple Labs, the driving force behind XRP, celebrated a partial court victory that clarified its status as a non-security, paving the way for fresh investments and a possible ETF inclusion. XRP’s market cap has doubled, accentuating its growing acceptance and legal clarity as a key player in cross-border transactions.


Cardano: A Tentative Revival

Once heralded as an “Ethereum killer,” Cardano’s journey has been rocky—its price rose from $0.358738 to $0.592937 in 2024. Cardano faces criticism for its lack of developer activity and tangible usage, often referred to as a “ghost chain.” However, the completion of the Chang hard fork in September 2024 marked the introduction of scalability features, indicating Cardano’s intent to adapt and recover amidst the evolving landscape.


Legacy Tokens Struggling to Stay Relevant

Both Litecoin and Bitcoin Cash have seen considerable declines, trading at $77.38 and $438.73 respectively, compared to their values in January 2021. Once seen as champions of digital cash, these tokens now languish beyond the top 10 rankings. Their relevance wanes in a market crowded with more innovative and functional cryptocurrencies.


(Yohan Yun, Cointelegraph, 2024)