It's not just Bitcoin: 3 'altcoins' also rising on Trump's election win

Donald Trump clinched victory in the 2024 U.S. presidential election, clearing the way for his return to the Oval Office. Meanwhile, Bitcoin briefly crossed $76,000 on Wednesday, setting a new all-time high. Additionally, the spot Bitcoin ETFs (exchange-traded funds) experienced significant inflows of $622 million following Trump’s reelection.

The crypto community is buzzing, with celebrations sweeping across forums and social media, hailing Trump’s win as a potential boon for the top cryptocurrency’s future. And Bitcoin is not the only cryptocurrency that is rising — others are also up following Trump’s victory.

Ether (ETH)

Ether, the second-largest cryptocurrency by market capitalization, has been rallying alongside Bitcoin. On Election Day, Ether was trading around $2,400, but it has since surged to $2,800 — a more than 16% bump in just two days.

In addition, spot Ether ETFs (exchange-traded funds) have experienced renewed inflows following Trump’s victory, reversing a period of sustained outflows. According to data from crypto ETF tracker Farside, investors poured $52 million into spot Ether ETFs on November 6.

Dogecoin (DOGE)

The popular and highly volatile memecoin Dogecoin was expected to react strongly to Trump’s victory. A key driver of its recent upward momentum is its association with Tesla CEO Elon Musk, a self-proclaimed “Dogefather” and open supporter of Trump this year. 

It’s no surprise, then, that Dogecoin surged from $0.16 to $0.21 in just two days, marking an impressive 31.25% increase.

Solana (SOL)

Solana, regarded as a competitor to Ethereum, has experienced significant growth over the years, driven by its speed and efficiency. User activity on the Solana blockchain has surged, making it a popular platform for hosting decentralized applications.

After Trump’s victory, the price of Solana surged from $160 to $196, marking a 22.5% increase in just two days.