November turned out to be a game-changer for the cryptocurrency world. Following Donald Trump’s victory, nearly every major cryptocurrency experienced significant gains. Bitcoin, the most well-known of them all, set multiple new all-time highs, climbing over 40%. Yet, while Bitcoin’s performance was impressive, three cryptocurrencies stole the spotlight with gains exceeding 300%. They didn’t just ride the wave – they created their own. Let’s explore what happened and why these particular cryptos surged so dramatically – there’s a reason that connects them all.
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Number 3: Algorand (Up 330%)
Algorand (ALGO) began November trading close to $0.10, a price point it had hovered around for several months. Then, in the wake of the election results, things started to change. The cryptocurrency began a steady climb, and in the last week of the month, it experienced an astonishing 80% jump. By the end of November, Algorand had surged over 330%!
What sets Algorand apart is its focus on providing extremely fast and cost-effective transactions. Unlike Bitcoin and Ethereum, which are often criticized for slow transaction times and high fees, Algorand offers a practical alternative. It also boasts a track record of reliability, without the outages that have affected other networks. Moreover, Algorand’s technology allows users to earn rewards simply by holding ALGO in their wallets, without the need to lock up their coins. This user-friendly approach has made it appealing to a broad audience.
Number 2: Hedera (Up 350%)
Hedera (HBAR) also had a phenomenal month. Starting in the $0.045 range, it climbed to over $0.20 by December 1st, marking a gain of more than 350%. Like Algorand, Hedera had been relatively quiet in previous months, but November marked a turning point.
Hedera offers a decentralized public network that differs from traditional blockchain technology. Using its unique Hashgraph consensus algorithm, Hedera is designed for speed, security, and scalability. It can handle up to 10,000 transactions per second, all at a fraction of the cost associated with other networks.
HBAR, the native token of Hedera, serves multiple purposes. It powers network services like smart contracts and allows users to stake their tokens to help secure the network. The enterprise-focused governance model and low transaction fees make Hedera attractive for developers and businesses looking to build decentralized applications.
Number 1: Stellar (Up 480%)
Topping the list is Stellar (XLM), which experienced an eye-popping 480% increase. From trading below $0.10 at the start of November, Stellar nearly reached the $0.60 mark by month’s end. This dramatic rise propelled it from barely holding a place in the top 30 cryptocurrencies to securing a spot in the top 15, surpassing well-established names.
Stellar is focused on facilitating cross-border payments in a secure and efficient manner. Its native currency, Lumens (XLM), is used to pay transaction fees and maintain account balances on the network. Launched in 2014 with 100 billion XLM, the supply was later capped at around 50 billion after a community vote in 2019. Stellar employs the Stellar Consensus Protocol, a model that emphasizes speed and energy efficiency. By reducing barriers to international transactions, Stellar aims to make financial systems more accessible.
The Winners Are Connected
So, what’s the common thread linking these three cryptocurrencies? They’re all American-based projects. And in the context of recent political developments, that’s a significant factor.
The Trump administration proposed eliminating capital gains taxes on U.S.-issued cryptocurrencies. This policy would specifically benefit tokens created by American companies, such as Algorand, Hedera, and Stellar. Trump emphasized the importance of supporting domestic tokens, stating a desire to promote those “made here at home.”
This proposed tax advantage has ignited investor enthusiasm for U.S.-based cryptocurrencies. The prospect of enhanced profitability, coupled with patriotic sentiments, has driven demand for these assets.
Looking Ahead: Opportunities and Considerations
I believe we’re witnessing a significant moment for American cryptocurrencies. The combination of innovative technology and supportive policies positions projects like Algorand, Hedera, and Stellar for continued success.
However, it’s essential to approach this enthusiasm with a balanced perspective. While the gains are impressive, investing in cryptocurrencies always carries risks. Market dynamics can change rapidly, and it’s crucial to conduct thorough research and consider one’s own financial situation. That said, the foundations of these projects give confidence in their long-term potential. Their focus on solving real-world problems, coupled with the recent policy proposals, makes them stand out in a crowded field.
Final Thoughts
November’s remarkable market shifts highlight how quickly things can change in the cryptocurrency world. The impressive gains of Algorand, Hedera, and Stellar highlight the impact of technology, policy, and investor sentiment converging. They demonstrate how closely tied financial markets are to political decisions and how quickly opportunities can arise.
It might be worthwhile to keep an eye on American projects like these. The recent rise is mostly driven by promises of favorable regulatory changes. If these changes are actually implemented, we might see even higher growth. However, regulatory changes take time, and they might not happen immediately after Donald Trump takes office in January.
