- Donald Trump’s crypto portfolio surged $1.6M, driven by Ethereum’s 38% monthly rally.
- Justin Sun invested $30M in Trump’s blockchain-focused DeFi project, World Liberty Financial.
As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent surge in Donald Trump’s crypto portfolio has piqued my interest. The fact that Ethereum, not Bitcoin, has been the standout performer in his holdings is quite intriguing, given the usual focus on BTC during presidential elections.
The victory of Donald Trump as president has led to significant responses in various financial markets, most notably in the field of cryptocurrencies.
Trump’s crypto holding surge
After his victory in the election on the 5th of November, data from the market research firm Arkham Intel suggested a significant expansion in Trump’s cryptocurrency holdings.
This increase in price coincided with a general rise in the value of cryptocurrencies, which mirrors an upward trend in the market due to increased investor enthusiasm and speculation about potential policies following his victory.
It’s worth noting that although Bitcoin [BTC] was a significant topic during Donald Trump’s presidential campaign, Ethereum [ETH] gained prominence as the star investment in his cryptocurrency holdings.
Trump finds himself in a fortunate position, as he currently owns approximately 496 Ether (ETH) coins. This digital asset has seen remarkable growth, rising by a significant 38% within the past month.
This notable gain highlights Ethereum’s resilience and growing appeal, even as Bitcoin dominates the broader narrative.
Analysts weigh in
Remarking on the same, crypto analyst Michael van de Poppe noted,
There’s a significant positive discrepancy in the price trend of ETH compared to other assets. The main factor contributing to its superior performance today could be the dramatic decrease in yields on government bonds, potentially marking the beginning of a new bull market for ETH.
According to van de Poppe, the ongoing fluctuations in yield markets might significantly impact the direction of Ethereum’s price changes in the near future.
With Labor Market Week approaching, he proposed that if economic figures remain weak, the Federal Reserve might contemplate further interest rate reductions.
Loosening the monetary policy could lead to reduced yields, which might provide a suitable setting for the value of Ethereum (ETH) to increase even more.
Moreover, it’s important to note that Poppe wasn’t alone in expressing this view. To reinforce the idea, analyst Jesse Olson also expressed similar sentiments.
Those doubting that Ethereum isn’t a viable cryptocurrency might soon find their doubts unfounded. The comparison between Ethereum ($ETH) and Bitcoin ($BTC) shows a positive divergence, indicating a potential buy signal, along with an upcoming MACD bullish crossover.
Over the past day, these latest market changes have significantly increased the worth of Donald Trump’s crypto holdings by a staggering $1.6 million.
The significant rise clearly indicates a surge in investor enthusiasm, specifically toward Ethereum and other digital assets this individual owns, due to the positive momentum in the cryptocurrency market.
How is the TRON founder involved?
An intriguing detail about Trump’s cryptocurrency holdings is that Justin Sun, the creator of TRON, invested $30 million in Trump’s decentralized finance initiative, World Liberty Financial (WLF). This investment supports Trump’s aspirations for a United States economy powered by blockchain technology.
Notably, the WLF token offering primarily caters to overseas investors, as just $30 million in tokens are reserved for the American market.
When the limit set on this cap is met, the U.S. sale will conclude, thereby reserving a significant amount of tokens for potential overseas purchasers.
Bitcoin and Ethereum price action
In the last day, Bitcoin, momentarily nearing the $100,000 mark, experienced a dip of approximately 5%, currently valued at around $92,231.02 as we speak.
In much the same vein, Ethereum has seen a downturn, falling approximately 4% to reach $3,322.73 according to CoinMarketCap.
Read More
- CAKE PREDICTION. CAKE cryptocurrency
- FLOKI PREDICTION. FLOKI cryptocurrency
- XDC PREDICTION. XDC cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- DMTR PREDICTION. DMTR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- TRAC PREDICTION. TRAC cryptocurrency
- OM PREDICTION. OM cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- API3 PREDICTION. API3 cryptocurrency
2024-11-27 12:08