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The Trump Effect: Bitcoin, Solana, XRP Soar on Renewed Investor Optimism

The Trump Effect: Bitcoin, Solana, XRP Soar on Renewed Investor Optimism

CoineditionCoinedition2024/07/20 14:55
By:Abdulkarim Abdulwahab
  • The crypto market sees a massive surge this week, with Bitcoin reaching $67K.
  • Solana jumped 22% this week to trade at $170, while XRP has seen over 30% to hit $0.6366.
  • Trump’s odds of becoming the next president have risen to 64%, up from 54% on June 4.

Cryptocurrencies have rallied this week, with Bitcoin hitting a 30-day high amid renewed optimism over a potential Donald Trump presidency. The surge extends beyond Bitcoin, with several altcoins posting double-digit gains.

Bitcoin climbed to a high of $67,442 earlier in the day; the threshold that marked Bitcoin’s highest price point in the last 30 days. Bitcoin was not the only gainer, however. A range of altcoins have also rallied, even outpacing Bitcoin. Solana’s native token, SOL, has jumped 22% this week to trade at $170, while XRP has seen an over 30% increase, reaching a three-month high of $0.6366.

The catalyst behind this market revival has been attributed to the improving electoral chances of pro-crypto candidate Donald Trump. According to prediction markets, Trump’s odds of becoming the next president have risen to 64% on Polymarket, up from 54% on June 4.

In contrast, incumbent President Joe Biden has just a 7% chance of return, as indicated on the prediction site.

The Trump Effect: Bitcoin, Solana, XRP Soar on Renewed Investor Optimism image 0 The Trump Effect: Bitcoin, Solana, XRP Soar on Renewed Investor Optimism image 1

Industry insiders believe that the increased likelihood of a Trump presidency is driving the market upswing. Rennick Palley, founding partner at venture capital firm Stratos, shared this sentiment when he remarked :

“The recent pump is due to overall market sentiment improving, and increasing odds that [cryptocurrencies] and its ecosystem tokens won’t be viewed as securities by the Trump admin.”

Trump’s improving electoral prospects can be attributed to several factors, including the recent shooting incident at a rally in Pennsylvania, which has forced the Democrat campaign to reassess its strategy.

Notably, Trump has publicly expressed his desire to be a pro-crypto president, pledging to allow Americans to use Bitcoin as a medium of exchange. His campaign currently accepts crypto donations, with $3 million raised in Q1. More recently, Trump disclosed his intention to launch his fourth NFT collection.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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