As of Wednesday, January 22, the market capitalization of U.S.-based altcoins surpassed $544.15 billion, marking a notable surge. XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), and Avalanche (AVAX) are among the top-performing cryptocurrencies, experiencing gains in the past 24 hours, according to CoinGecko data.
The return of President Donald Trump to the Oval Office has stirred uncertainty in global markets, with traders navigating heightened volatility in both cryptocurrency and foreign exchange markets. As Trump rolls out a series of executive orders, the market remains in a state of flux, but altcoins have been buoyed by a sense of optimism.
Top U.S. Altcoins See Notable Rally
CoinGecko’s latest data highlights the top altcoins that have shown substantial growth in the past 24 hours. While Bitcoin has remained stable above the $105,000 threshold, a number of altcoins have gained between 2% and 9% within the same timeframe.
XRP, SOL, LINK, and AVAX, which have benefitted from strong weekly gains, continue to lead the rally early into Wednesday. According to CoinGecko, the trading volume for U.S.-based altcoins has surpassed $64 billion, with nearly 25 altcoins in the category posting strong performances. This surge is being driven by optimism surrounding the potential for more favorable crypto regulations and expectations of pro-crypto policies under President Trump’s administration.
U.S. Dollar Valuation and Its Impact on Crypto
The volatility surrounding President Trump’s executive orders and tariff remarks has contributed to global market uncertainty. As Bitcoin remains consolidated at around the $105,000 level, traders are carefully navigating these uncertain waters as the crypto market adjusts to these developments.
Citi analysts suggest that the U.S. Dollar may be overvalued by approximately 3%, though they note that this doesn’t necessarily preclude further gains. If Trump follows through on his fiscal policies, they could continue to exert influence on the global markets, potentially benefiting cryptocurrencies in the process. Typically, a devalued USD presents an opportunity for Bitcoin and other cryptocurrencies to emerge as a hedge against inflation and a safe haven for investors.
Experts Remain Optimistic for the Future
Pankaj Balani, Co-Founder & CEO of Delta Exchange, shared his outlook in an exclusive interview with FXStreet: “Trump’s pro-crypto stance has created significant momentum in the markets, with the global crypto market growing by $1.8 trillion in 2024, including $1 trillion following his victory. Post-inauguration, investors are anticipating executive orders that would enable U.S. banks to participate more actively in the crypto space, including owning, trading, and offering custody services for cryptocurrencies.”
Balani also noted that a more favorable stance on crypto from the U.S. could encourage other nations, like India, to adopt progressive policies that foster innovation and growth within their own markets.
Michael Egorov, Founder of decentralized exchange Curve Finance, also weighed in, highlighting the growing role of stablecoins in the future of global payments. “I expect significant advancements in the stablecoin sector in 2025, including the emergence of stablecoins pegged to local currencies instead of just the USD. These stablecoins will interact more closely with fiat currencies, and the global crypto market will be shaped by factors extending beyond the U.S.,” said Egorov.
The outlook for cryptocurrencies remains cautiously optimistic as the market adapts to the evolving landscape under President Trump’s leadership.
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