What happened to the top 10 cryptos from when Trump was last president?

As someone who has been following the crypto world since its early days, I can’t help but feel a sense of nostalgia when looking at some of these coins today. Litecoin and Bitcoin Cash were once the champions of digital cash, promising to revolutionize everyday transactions. But much like my own transformation from a young, energetic tech enthusiast to a seasoned veteran, they seem to have aged a bit too fast.

In simple terms, Bitcoin reached unprecedented peaks when President-elect Donald Trump clinched his win during the 2024 U.S. presidential election.

Upon his planned return to the White House, following his departure in January 2021, it seems that Donald Trump is now advocating for a pro-cryptocurrency stance. His campaign has made promises in favor of the crypto industry, which sets him apart from the previous administration.

Reflecting on the crypto scene as Trump gears up for a new term, CryptoMoon recalls the way the cryptocurrency market presented itself during his prior presidency. The industry has undergone significant transformations since then; in fact, more than half of the top 10 coins from his earlier term no longer hold their positions.

Here’s a look at how the top 10 cryptocurrencies from Trump’s last presidency are faring today.

Bitcoin

Bitcoin price Jan. 20, 2021: $35,302.18

Bitcoin price Nov. 11, 2024: $82,379.60

Ever since Donald Trump left the White House, the value of Bitcoin has experienced a rollercoaster journey reminiscent of the unpredictable path leading up to his election. In November 2021, it reached an astounding peak of approximately $67,000. However, the events surrounding FTX in November 2022 triggered a major crash that sent Bitcoin plummeting to around $17,000, causing many investors to question if its upward trend had come to an end.

Progress swiftly past the bear market phases for both Bitcoin (BTC) and the worldwide economy, where Bitcoin (BTC) generally lagged behind in most of this period.

Nevertheless, following a typical pattern of resurgence for a comeback tale, Bitcoin experienced a recovery in the year 2024 when it became available to institutional investors via US stock markets through newly launched spot exchange-traded funds (ETFs).

Analysts are keeping a close watch on the $100,000 threshold, believing that Trump’s election win could herald crypto’s downfall under SEC Chairman Gary Gensler. Remarkably, the asset has surpassed the $82,000 mark already.

Furthermore, Bitcoin now offers digital collectibles such as Ordinals, a version of non-fungible tokens, and popular meme-based cryptocurrencies through Runes. As Bitcoin continues to hold its position as the leading crypto during Trump 2.0, it has also discovered innovative ways to maintain engagement by incorporating these new features.

From undisputed king to layer-2 lab rat

Ether price Jan. 20, 2021: $1,361.05

Ether price Nov. 11, 2024: $3,175.47

Initially, Ether (ETH) stood uncontested as the ruler in the realm of smart contracts, governing a domain filled with decentralized apps. However, its grip on the throne seems less certain now, as it faces stiff competition within the network.

Solana, a swift and stylish newcomer, has climbed its way up to fourth place in terms of market capitalization, making it the front-runner among the “potential rivals” of Ethereum in the realm of blockchain technology.

As a crypto investor, I’ve noticed that while Ethereum may not be leading the race in raw speed compared to some other networks, it has chosen a strategic path to remain significant. Instead of engaging in a direct competition for speed, Ethereum has opted to grow using layer-2 solutions. This move has been instrumental in alleviating the notorious congestion and exorbitant fees, but there’s a catch. These solutions do come at a cost, which is something I keep an eye on as an investor.

Layer-2 networks have drawn liquidity away from Ethereum’s ecosystem, dividing it into multiple smaller autonomous regions, transforming what was once a single, unified domain into an extensive network of self-governing territories. (Paraphrased)

As an analyst, I’m excited to share that in our continuous journey of growth and innovation, Ethereum made a significant leap towards sustainability by undergoing “The Merge” in September 2022. This transformation saw us moving away from the energy-intensive proof-of-work consensus mechanism and adopting a more eco-conscious proof-of-stake system instead.

The upgrade slashed Ethereum’s energy use by 99% and set the stage for future scalability tweaks like sharding. The crypto world applauded, and it was a big step for Ethereum’s sustainability, though it didn’t come with the explosive price surge some investors anticipated.

Meanwhile, Bitcoin continues to smash records, leaving Ethereum trailing behind, despite also introducing its own listed spot ETFs. At present, Ethereum maintains its position as second-in-command, yet relying solely on its established status may not be sufficient to secure the top spot moving forward.

Ignoring the haters

Following the shocking failure of Terra-Luna (a collapse that caused a ripple of doubt in algorithmic stablecoins worldwide), Tether’s USDT not only survived but thrived amidst the turmoil, even growing more robust. Now standing as the third most valuable cryptocurrency by market capitalization, USDT’s worth has swelled to approximately $120 billion.

Although the company has earned a total profit of $7.7 billion by the third quarter of 2024, with $2.5 billion coming from the last quarter alone, a thorough and complete audit of its financials has yet to be conducted. Instead, Tether regularly offers attestations as an alternative.

It appears that the primary factor behind this continuous profit stream is U.S. Treasury Bills, which account for most of it. Tether’s reserves have built up a substantial $6 billion cushion, with an impressive $102.5 billion in U.S. Treasury Bills. This means that the debt of the United States government has become a lucrative source of income for Tether.

However, substantial gains often raise significant doubts. If Tether doesn’t undergo an official review, people remain uncertain about whether their supposedly robust vaults are truly as strong as asserted. In the end, trust – not wealth – remains the most crucial currency.

From contender to rebuilder

Polkadot price Jan. 20, 2021: $15.94

Polkadot price Nov. 11, 2024: $5.13

During Trump’s final term, the value of Polkadot (DOT) tokens soared, reaching an impressive $17 per token and securing the fourth position in the cryptocurrency rankings. It was seen as a potential connector between various blockchain systems, promising a future with effortless cross-chain communication. However, by 2024, Polkadot’s luster seems to have faded; its value has dropped to around $4.10, and it now ranks 21st in terms of market capitalization.

Despite appearances, Polkadot is not surrendering. This year, it introduced Agile Coretime, a novel system that allows developers to purchase processing time directly on its core layer. This is part of the significant shift known as Polkadot 2.0, moving away from the previous auction model.

In the spirit of Bitcoin’s Ordinals, Polkadot set new transaction milestones in December 2023, processing a total of more than 17 million transactions.

Indeed, Polkadot faces an uphill battle when it comes to winning over the skeptics. Notably, Ethereum and Solana have solidified their positions as titans in the field of Decentralized Finance (DeFi). Other sophisticated blockchains are also making significant strides, closing in on them.

Clear skies ahead for XRP

XRP price Jan. 20, 2021: $0.285924

XRP price Nov. 11, 2024: $0.581592

As a crypto investor, I found myself holding onto XRP in January 2021, which ranked fifth among all digital currencies. Although it has slipped to seventh position since then, the overall growth trajectory has been quite promising. The price of XRP has experienced an impressive surge, climbing from $0.2958 to a high of $0.5355. Moreover, its market capitalization has more than doubled, reaching an impressive $30.5 billion. Despite being embroiled in a legal battle intense enough for a prime-time courtroom drama, XRP’s performance has proven that it is more than just a footnote in the world of cryptocurrencies.

As a crypto investor, I was thrilled to learn about the victory Ripple Labs secured in court in 2023. Being based in San Francisco, they’ve been instrumental in creating technology surrounding the XRP Ledger and promoting its use for cross-border transactions. This partial win brings hope that their innovative approach will continue shaping the future of digital currency exchanges.

Following numerous debates, the judge determined that while certain private transactions of XRP may have ventured into unregistered securities territory, XRP as a whole does not meet the criteria to be classified as a security. This decision partially favors Ripple and significantly transforms the XRP market, which has been shrouded in regulatory uncertainty for quite some time.

As a crypto investor, I’m thrilled to see the legal uncertainties surrounding XRP gradually being resolved. This development has even led to discussions about XRP potentially being included in an Exchange-Traded Fund (ETF), standing alongside promising newcomers like Solana. The prospect of an XRP ETF could pave the way for a broader audience, reigniting enthusiasm among investors who’ve navigated through the market’s highs and lows.

The ’90s band of crypto fighting for a comeback

ADA price Jan. 20, 2021: $0.358738

ADA price Nov. 11, 2024: $0.592937

During the previous election period for cryptocurrencies, Cardano (ADA) was consistently ranked among the top 10, earning the title of a potential “Ethereum competitor.” Today, it’s much like a ’90s band that continues to make appearances on music charts, occasionally rising and falling out of the top 10.

People often refer to it as a “phantom network,” suggesting that little development work is being done, and there are very few individuals using it. The statistics indeed seem questionable, as both the number of Cardano’s main developers and active users has decreased noticeably.

Despite skepticism from some quarters, Cardano isn’t idle and continues to prove its mettle. The successful implementation of the Chang hard fork in September 2024 introduced new functionalities and enhancements for scalability, demonstrating that it has more surprises in store. Moreover, the network has progressed into the Voltaire phase, striving towards a governance model where users can actively participate in decision-making processes.

Litecoin and Bitcoin Cash: The original rebels fighting for relevance

Litecoin price Jan. 20, 2021: $149.80

Litecoin price Nov. 11, 2024: $77.38

Bitcoin Cash price Jan. 20, 2021: $501.72

Bitcoin Cash price Nov. 11, 2021: $438.73

Initially, Litecoin (LTC) and Bitcoin Cash (BCH) emerged as the leading contenders in the realm of cryptocurrencies aimed at everyday transactions – both striving to become a practical digital currency for day-to-day spending.

Litecoin is often referred to as the lighter version of Bitcoin, providing quicker transactions and reduced costs. On the other hand, Bitcoin Cash was created as a spin-off from Bitcoin, aiming to realize the original concept of peer-to-peer digital cash by increasing block sizes and lowering transaction fees, as envisioned by Satoshi Nakamoto.

Both coins gained loyal followings and even some merchants, but their paths feel more like nostalgia trips than the revolution they aimed to spark.

In a realm where Bitcoin is known as the digital equivalent of gold and other cryptocurrencies provide sophisticated functions such as smart contracts and decentralized apps, it’s challenging for Litecoin and Bitcoin Cash to make their mark amidst the competition.

It’s also worth noting that restrictions on cryptocurrency payments and complex regulatory issues have not been beneficial. Despite some local establishments like cafes in Townsville, Slovenia (Ljubljana), and certain areas of Buenos Aires adopting it, the widespread use of cryptocurrencies for everyday transactions hasn’t become a reality yet.

Bitcoin Cash and Litecoin have moved down from their positions among the top 10 cryptocurrencies based on market capitalization. Currently, Bitcoin Cash ranks 19th and Litecoin is at 25th place.

Behind the scenes of DeFi

LINK price Jan. 20, 2021: $20.51

LINK price Nov. 11, 2024: $13.99

Instead of being seen as “digital currency” or a “star of smart contracts,” Chainlink (LINK) is more like the robust foundation that underpins the cryptocurrency realm, silently maintaining the cohesion of the Decentralized Finance (DeFi) universe.

Instead of chasing publicity and retail excitement like many other cryptocurrencies, Chainlink is diligently providing blockchains with essential data such as price information, weather forecasts, and real-world details. Since Trump’s final term, Chainlink has become the trusted behind-the-scenes oracle service in decentralized finance, earning its title as the ultimate unsung hero of this sector.

The latest deployment of Chainlink 2.0 has significantly strengthened its data feed network. This update introduced decentralized data feed networks, facilitating the creation of dynamic non-fungible tokens, automated chain functions, and a myriad of innovative DeFi solutions.

Now that staking has been introduced, Chainlink holders can now safeguard the network and receive incentives – a feature long desired which adds extra power to this data-centric ecosystem. With this addition, Chainlink demonstrates its ability to handle intricate tasks, showing it’s not just dependable but also adaptable.

Despite LINK’s growing recognition, its value hasn’t consistently climbed like its fame. Instead, it’s faced fluctuations due to volatility and competition. Fresh oracle providers are emerging in the market, while some DeFi projects are developing their own oracle systems.

Not so stellar

XLM price Jan. 20, 2021: $0.291680

XLM price Nov. 11, 2024: $0.109166

Initiated by Jed McCaleb, a co-founder of Ripple, Stellar was developed in 2014 with the goal of facilitating swift and affordable global transactions for various entities ranging from banks to individuals without access to traditional banking services.

In the time since Trump’s presidency ended, Stellar has progressed significantly in the field of central bank digital currencies (CBDCs), most notably with its trial project in Ukraine, where they are testing a digital form of the Ukrainian currency, the hryvnia.

However, it’s important to note that Stellar’s path hasn’t been perfect, as the contest in cross-border transactions has grown increasingly fierce. In fact, many governments examining Central Bank Digital Currencies (CBDCs) tend to favor centralized solutions or well-established platforms such as Ethereum.

The Stellar XLM coin has experienced a setback due to the growing preference for blockchain platforms that emphasize DeFi applications and have notable use cases. As a result, it has fallen from its 10th position to the 35th spot, as of November 8, 2024.

2024-11-11 18:30