This week, Tron, Hedera, and XRP led the cryptocurrency bull market.
One of the most significant news stories of the week was Bitcoin surpassing $100,000, and the cryptocurrency market was ablaze once more this week. However, not all of the trade that occurred was motivated by it.
Tron (CRYPTO: TRX), XRP (CRYPTO: XRP), and Hedera (CRYPTO: HBAR) have all increased by 56%, 37%, and 73%, respectively, during the last week, according to data from S&P Global Market Intelligence. There have also been some odd movements in that group.
The Trump cryptocurrency transaction,
Part of the reason Tron is up is because its founder, Justin Sun, put $30 million into President-elect Donald Trump’s cryptocurrency venture, World Liberty Financial. Trump has gotten a portion of the 22.5 billion tokens that World Liberty Financial has issued and “will be entitled to receive 75% of net protocol revenues,” according to the business, even though it isn’t officially a project that he oversees.
For selling unregistered securities and engaging in “wash trading,” among other things, Sun was sued by the Securities and Exchange Commission (SEC) in 2023. Investors are wagering that Tron will benefit from the World Liberty Financial merger, but given the clear conflicts of interest, the payout is probably going to be contested.
Higher ripples,
XRP, one of the first cryptocurrencies the SEC targeted, has become one of the most popular ones since the election. It has been rising along with the Trump wave, but this weekend might give it a boost.
The Trump cryptocurrency transaction
Part of the reason Tron is up is because its founder, Justin Sun, put $30 million into President-elect Donald Trump’s cryptocurrency venture, World Liberty Financial. Trump has gotten a portion of the 22.5 billion tokens that World Liberty Financial has issued and “will be entitled to receive 75% of net protocol revenues,” according to the business, even though it isn’t officially a project that he oversees.
This weekend, Brad Garlinghouse, the CEO of Ripple, will be on 60 Minutes to talk about the future of the sector, which will at least raise awareness of cryptocurrency. The largest beneficiary is XRP, although it’s unclear how much value the coin will gain over time.
Hedera’s run goes on,
One of the most popular tokens in the world, Hedera gained momentum this week after being added to Bitget’s Innovation & Layer1 Zone. Despite not being well-known in the United States, Bitget is one of the biggest cryptocurrency exchanges globally, doing almost the same volume of transactions daily as Coinbase Global.
The Trump cryptocurrency transaction
Part of the reason Tron is up is because its founder, Justin Sun, put $30 million into President-elect Donald Trump’s cryptocurrency venture, World Liberty Financial. Trump has gotten a portion of the 22.5 billion tokens that World Liberty Financial has issued and “will be entitled to receive 75% of net protocol revenues,” according to the business, even though it isn’t officially a project that he oversees.
One of the main reasons Hedera’s blockchain has received so much attention recently is that it is designed to be used for financial transactions, which is an excellent use case for the blockchain.
The cryptocurrency boom is still going strong.
Crypto speculation is rife, and this week was no exception. The new government is undoubtedly a reason to be optimistic about cryptocurrencies in general, but I don’t believe the trend will continue unless there is a compelling reason why the traded tokens would gain value.
The Trump cryptocurrency transaction,
Part of the reason Tron is up is because its founder, Justin Sun, put $30 million into President-elect Donald Trump’s cryptocurrency venture, World Liberty Financial. Trump has gotten a portion of the 22.5 billion tokens that World Liberty Financial has issued and “will be entitled to receive 75% of net protocol revenues,” according to the business, even though it isn’t officially a project that he oversees.
For instance, the blockchain might be used in financial markets to indicate who owns an asset, but stablecoins—rather than cryptocurrencies like XRP or Hedera—will probably be the medium of exchange, or what’s used to purchase and sell assets. Traders will not utilize such native tokens to pay blockchain fees.
And that’s the main reason I believe this speculative run will come to an end. These assets require fundamental value in order to create value, and the majority of cryptocurrency tokens aren’t going to produce value, so they will eventually become obsolete.
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