Cryptoquant Report: Surge in Activity Drives Altcoins to Record Heights

According to Cryptoquant's most recent report, the cryptocurrency market is seeing a significant increase in altcoin values in the wake of the U.S. presidential election, driven by hopes for a pro-crypto administration.

Report Highlights Altcoin Price Surges Amid Optimism for Pro-Crypto U.S. Leadership

Layer one (L1) cryptocurrencies have experienced a sharp increase, according to cryptoquant researchers, with XRP, TRON (TRX), TON, ADA, and SOL showing particularly strong gains. The increase is consistent with hope for innovation and regulatory certainty under the new government. For example, XRP surged 120% to $1.12, the most since November 2021. The increase came as the XRPL network saw record-high decentralized exchange (dex) activity, with $3.5 million in daily trading volumes powered by automated market makers that were implemented earlier this year.

As transaction volume on the Tron network surged, TRX's price hit a new all-time high. The growth of the tether (USDT) stablecoin on Tron, which currently has $60 billion in total supply, was noted by Cryptoquant. In 2024, Tron's daily transaction volume topped 10 million, setting a new network record. This increase demonstrates how well Tron's infrastructure supports stablecoin liquidity and the uptake of decentralized finance (defi).

Similar to this, increased activity and stablecoin integration have caused the price of the TON network to rise 39% since early November. According to Cryptoquant, the number of TON's daily active addresses increased from 60,000 at the start of the year to more than 1 million. With USDT's circulating supply on the network already at $1 billion, its introduction into TON earlier this year has been crucial in drawing liquidity.

On November 11, daily spot trade volumes for all altcoins hit $18 billion, the biggest since August. Following a period of low trading volumes earlier in the year while investors sought regulatory certainty, there has been a spike in market activity. Cryptoquant claims that the market is now more optimistic as a result of the recent election results, with business executives endorsing measures that should encourage blockchain and cryptocurrency innovation.

According to researchers at Cryptoquant, the recent trend indicates that investors are becoming more optimistic about the possibility of widespread cryptocurrency adoption. The observed market activity indicates increased interest in decentralized networks and their significance in the future of finance, even though regulatory developments will probably have a significant impact.

The question of whether these gains will be maintained in the face of expected regulatory changes continues to be the subject of growing optimism. In order to offer insights into this changing market environment, Cryptoquant will keep an eye on on chain indicators.