Tier 1 cryptocurrencies saw a surge in price after the recent U.S. presidential election, showing market optimism about a potential pro-crypto administration, according to a CryptoQuant report.
Tokens such as XRP, TRX (TRON), TON, ADA and SOL saw a surge in prices, supported by an increase in trading volumes.
XRP has led the growth so far, with its price rising 120% to $1.12, its highest since November 2021 . This surge comes on the heels of record high decentralized exchange (DEX) activity on the XRP Ledger (XRPL).
on Nov. 15, DEX volume reached $3.5 million, a huge milestone for DEX ‘s new automated market maker (AMM) launched in May 2024. The surge in XRP indicates renewed interest in XRPL due to increasing participation from traders and liquidity providers, according to CryptoQuant.
Total USDT supply for TRON exceeds $60 billion
TRON (TRX) also reached a new all-time record, supported by rising transaction activity and widespread use of stablecoin USDT on its network.
According to CryptoQuant data, daily transactions on TRON reached a record 10 million in 2024, underscoring its position as the preferred blockchain for stablecoin transfers. Total USDT supply on TRON has exceeded $60 billion. This further reinforces its dominance in stablecoin infrastructure.
TON has seen a 39% price increase since November 5, supported by strong network activity and rising stablecoin liquidity, according to the report.
Daily active addresses on the TON blockchain have increased from 60,000 at the beginning of the year to 1 million, due in part to the integration of USDT. USDT, currently one of the most active tokens (jettons) on TON, has seen its circulating supply increase to $1 billion as of April 2024.
Altcoin rally sparks renewed interest in L1
The altcoin rally signals renewed investor confidence in Tier 1 blockchains, which are important for decentralized finance (DeFi) and Web3 applications.
Many analysts attribute the optimism to expectations of favorable regulatory policies under the new US administration. The election result has renewed hope for clearer guidelines and reduced uncertainty in the cryptocurrency space, creating a favorable headwind for projects with solid foundations.
As volumes increase, Tier 1 tokens such as XRP, TRX and TON appear to be able to maintain momentum.
