Trump’s Return: What’s Happened to Top Cryptos Since His Last Term?
As Donald Trump prepares to return to the White House in 2024, there’s a lot of buzz about his new pro-crypto stance. During the campaign, Trump and his team promised strong support for the growing cryptocurrency sector, marking a shift from his previous time in office. This has many people asking: how have some of the top cryptocurrencies performed since Trump’s last term?
In this article, we’ll take a look back at the top cryptos from Trump’s previous term and see where they stand now. From Bitcoin’s rollercoaster ride to Ethereum’s competition, let’s dive into the world of digital currency and see which ones are thriving—and which ones have fallen behind.
Bitcoin: The King That’s Still Reigning
When Trump left office in January 2021, Bitcoin was worth $35,302.18. But by November 2024, Bitcoin’s value had skyrocketed to $82,379.60. While Bitcoin has had its ups and downs, it’s still the number-one cryptocurrency in the world.
Between 2021 and 2024, Bitcoin hit an all-time high of around $67,000. But then, the FTX crash in November 2022 sent Bitcoin plummeting to around $17,000. Many wondered if Bitcoin’s golden days were over. However, just like a good comeback story, Bitcoin rebounded by 2024, mostly thanks to institutional investors getting involved through Exchange Traded Funds (ETFs), making Bitcoin more accessible through the stock market.
Now, experts are keeping their eyes on the next milestone for Bitcoin—could $100,000 be just around the corner?
Ethereum: Still Strong, But Facing Competition
When Trump left office in 2021, Ethereum (ETH) was priced at $1,361.05, and by November 2024, its value had risen to $3,175.47. Ethereum has long been the go-to platform for smart contracts and decentralized applications. But Ethereum is no longer the only player in town.
One of Ethereum’s biggest rivals is Solana, a faster and more efficient blockchain platform. Solana has been gaining popularity with both developers and investors, making it a serious competitor.
In response to its competition, Ethereum introduced layer-2 networks, which help lower its high fees and reduce congestion. Plus, with the 2022 Ethereum Merge, the network transitioned from proof-of-work (which consumed tons of energy) to a much more eco-friendly proof-of-stake system, cutting energy use by 99%.
Even though Ethereum has made all these improvements, it’s staying at the No. 2 spot behind Bitcoin. But with fierce competition from newer networks, Ethereum will need to keep innovating to maintain its place.
Tether (USDT): A Steady Giant
Tether’s USDT has been around for a while as a stablecoin, meaning its value is always pegged close to the US dollar. In January 2021, Tether faced doubts after the collapse of Terra-Luna, which shook faith in all algorithmic stablecoins. But Tether came out of that period even stronger. By November 2024, it was the third-largest cryptocurrency, with a market cap soaring to about $120 billion.
What’s fueling this growth? A big chunk of Tether’s success comes from its reserves, particularly in US Treasury Bills, which provide a trustworthy backing. This gives USDT reliability, though the company still hasn’t passed a full audit, leaving some investors cautious. Despite this, Tether’s strength in the market can’t be ignored.
Polkadot: From Success Story to Rebuilding Mode
Back in 2021, Polkadot (DOT) was sitting comfortably in the No. 4 spot with a price of $15.94. By November 2024, it had dropped to just $5.13.
Polkadot was originally seen as the bridge that would connect different blockchain networks, making cross-chain communication easy. But by 2024, its shine had worn off, and it had dropped to the 21st place in the rankings.
However, Polkadot is not giving up. It recently introduced Agile Coretime, a new feature that allows developers to rent time on its core network. And with over 17 million transactions recorded in 2023, Polkadot is still trying to prove it has more to offer.
XRP: Bouncing Back After Legal Battles
In January 2021, XRP was priced at $0.285924, and by November 2024, its value had climbed to $0.581592. After being stuck in a long-running legal battle with the Securities and Exchange Commission (SEC), Ripple, the company behind XRP, finally won a partial victory in 2023. The court ruled that XRP wasn’t a security—a big win that boosted confidence in the XRP ecosystem.
With the legal issues mostly behind it, people are once again turning their attention to XRP. Many experts are talking about an ETF for XRP, which could bring even more mainstream adoption and another surge in value.
Cardano: Fighting to Stay Relevant
Cardano (ADA) was once seen as an “Ethereum killer” but has slipped in popularity. Its price in January 2021 was $0.358738, and by November 2024, it had only risen to $0.592937.
Critics have labeled Cardano as a “ghost chain” because there doesn’t seem to be much happening on the network. Cardano’s developers and users have also dipped over time. Still, Cardano managed to pull off a major upgrade called the Chang hard fork in September 2024, improving scalability and governance. Will this be enough to regain its standing? Time will tell.
Litecoin and Bitcoin Cash: Nostalgic, But Fading
Both Litecoin (LTC) and Bitcoin Cash (BCH) used to be viewed as strong alternatives to Bitcoin itself. Litecoin focused on faster transactions and lower fees, while Bitcoin Cash aimed to be the true vision of peer-to-peer digital cash by offering larger block sizes for quick payments.
But by 2024, the excitement around both has faded. Litecoin has dropped to $77.38 from $149.80 in 2021, and Bitcoin Cash went from $501.72 down to $438.73. In a world where newer cryptos offer more features, Litecoin and Bitcoin Cash feel like relics of the past.
Chainlink: The Backbone of DeFi
Chainlink (LINK) isn’t as flashy as Bitcoin or Ethereum because it works mostly behind the scenes. In January 2021, its price was $20.51, but by November 2024, it had fallen to $13.99.
So what does Chainlink do? It provides data that decentralized apps (dApps) need to function. Imagine a weather report or stock prices being fed into a blockchain—Chainlink makes that possible. The importance of Chainlink has only grown since Trump’s last term. It now powers even more powerful tools with its 2.0 upgrade, helping to automate tasks and secure transactions in decentralized finance (DeFi).
However, its price hasn’t risen as dramatically as its influence, partly due to new competitors entering the space. But even with the price dip, Chainlink remains critical to the entire crypto ecosystem.