Layer-1 cryptocurrencies have experienced a significant surge in value, fueled by market optimism surrounding a potential pro-crypto administration following the recent U.S. presidential election, according to a report from CryptoQuant.
Price Increases Across Multiple Tokens
Tokens such as XRP, TRX (TRON), TON, ADA, and SOL have seen substantial price increases, driven by a rise in spot trading volumes. XRP has led the charge with a remarkable 120% price increase, reaching $1.12, the highest since November 2021. This surge coincides with record-breaking decentralized exchange (DEX) activity on the XRP Ledger (XRPL).
XRP’s Surge Tied to DEX Activity on XRPL
On November 15, decentralized exchange volume on XRPL hit $3.5 million, marking a major milestone for the newly launched automated market maker (AMM) DEX, which debuted in May 2024. CryptoQuant’s report highlights a strong resurgence of interest in XRPL, with growing participation from both traders and liquidity providers.
TRON’s USDT Supply Breaks $60 Billion
TRON (TRX) has reached an all-time high, buoyed by increased transaction activity and a surge in USDT stablecoin usage across its network. According to CryptoQuant, daily transactions on TRON hit a record 10 million in 2024, cementing its status as a preferred blockchain for stablecoin transfers. The total supply of USDT on TRON has surpassed $60 billion, further strengthening its dominance in the stablecoin infrastructure space.
TON’s Growth Driven by Network Activity and USDT Integration
TON has experienced a 39% price increase since November 5, supported by strong network activity and growing stablecoin liquidity. Daily active addresses on the TON blockchain have skyrocketed from 60,000 at the start of the year to 1 million, partly due to the integration of USDT. The stablecoin’s circulating supply on TON has surged to $1 billion since April 2024.
Investor Confidence Returns in Layer-1 Blockchains
This altcoin rally signals renewed investor confidence in Layer-1 blockchains, which play a crucial role in decentralized finance (DeFi) and Web3 applications. Many analysts attribute the current optimism to expectations of favorable regulatory policies under the new U.S. administration. The election results have sparked renewed hope for clearer regulations and reduced uncertainty in the crypto space, benefitting projects with strong fundamentals.
Layer-1 Tokens Poised for Continued Growth
With spot trading volumes continuing to rise, Layer-1 tokens such as XRP, TRX, and TON are well-positioned to maintain their upward momentum in the coming months.
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