Altseason Takes Hold as Trump Rings NYSE Bell, Saying ‘We’re Going to Do Something Great With Crypto’

There’s a sense of altseason palpable in the crypto sector. With Bitcoin rallying 142% in 2024, investors are turning their attention toward cryptos beyond BTC and ETH.

Cryptocurrency prices have surged in recent weeks, with several altcoins posting impressive gains. Among the top gainers are Aave (AAVE), Chainlink (LINK), Lido DAO (LDO) and Avalanche (AVAX).

AAVE, the governance token of the Aave decentralized lending protocol, saw a 24% surge in the 24-hour timeframe. This comes as no surprise, as Aave has been making waves in the crypto space with its upcoming V4 upgrade and a collaboration with Chainlink to enhance capital efficiency in DeFi protocols.

Chainlink, a decentralized oracle network, also saw a significant gain of 22% in the 24-hour timeframe. LINK has been on a roll this month, surging by over 106%. The crypto-oracle has been hitting targets not seen since late 2021, with prices reaching as high as US$28.77 (AU$45.16) at the time of writing.

While there is no clear reason for LINK’s price rally, the project has been in the news for its collaborations and developments. Some of the most recent ones include a partnership with Emirates NBD banking group and the launch of the Cross-Chain Interoperability Protocol on the Ronin network.

Another big gainer on the 24-hour timeframe was Lido DAO (LDO), which saw a gain of 18%. Lido is a liquid staking platform that allows users to stake their crypto assets without locking them up for an extended period. Lido currently has over 300,000 ETH staked, making up almost 90% of the total staked ETH in the Lido protocol.

Rounding out the list of top gainers is Avalanche, which saw a gain of almost 10% in the 24-hour timeframe. AVAX has had an interesting month, with the price surging by over 54%, going from US$34.25 (AU$53.78) on 14 November to currently US$53.19 (AU$83.52).

While that’s impressive, it’s still a long way to go for AVAX to reach its all-time high of US$146.22 (AU$229.62) from 22 November 2021. The price surge comes as Avalanche has launched a US$250 million (AU$392.7 million) locked-token sale, led by Galaxy Digital and others, attracting over 40 top investment firms.

Coinciding with this, the Avalanche9000 testnet introduces major cost reductions and a US$40 million (AU$62.8 million) grant program for developers.

“Galaxy Digital is pleased to support Avalanche and the growth and scalability of blockchain protocols. Together, we can unlock the potential of Web3 and propel the mainstream adoption of crypto,” said Jason Urban, Global Head of Trading at Galaxy.

The gains come amid news that President-elect Donald Trump rang the opening bell at the New York Stock Exchange on Friday, saying “we’re going to do something great with crypto”.

Trump's pro-crypto stance and the potential for a less stringent regulatory approach is giving altcoins a boost, as many of them have applications for exchange-traded funds pending. Perhaps Trump was hinting at an approval of these ETFs once he comes into office.