5 Cryptos To Consider Investing In After Trump’s Win, According to Experts
Written by
Dawn Allcot
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Angela Corry
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President-elect Donald Trump’s support for cryptocurrency has pushed several digital assets to skyrocket in price since his re-election. His position is solidified with his choice of close associates, including Robert F. Kennedy Jr., Elon Musk and Cantor Fitzgerald CEO Howard Lutnick, who have also been vocal advocates of various cryptocurrencies.
“It’s no surprise that Dogecoin, Cardano, and XRP have surged over 100%, respectively, so far this November,” said Han Tan, Chief Market Analyst at the global fintech Exinity, just two weeks after the election.
It’s not too late, though, to diversify your portfolio with some exposure to crypto, with the caveat that it remains a risky asset class.
“Despite the ongoing bull run, cryptocurrencies have clearly retained their volatile nature,” Tan said.
He also pointed out that the surge in crypto prices has hinged on Trump’s campaign promises and the president-elect’s enthusiasm for crypto.
“Should markets sense a delay to President Trump’s crypto-friendly plans for the sector, or worse, if he reneges on them, it could prompt a rapid unwinding of crypto’s gains since the November elections,” Tan said.
Rather than timing the market, consider dollar-cost averaging if you intend to add any cryptos to your portfolio. Here are some of the top coins to consider, according to experts.
Bitcoin
Bitcoin was the original cryptocurrency and remains the most widely recognized and accepted digital asset class. With this in mind, it’s been the focus of potential legislation that could bolster its desirability, versatility and value.
“Trump has spoken about making the U.S. the crypto capital of the world, which could involve increased Bitcoin mining in the US and even a strategic Bitcoin stockpile by the US government,” Tan pointed out.
Ethereum
Bitcoin isn’t the only crypto favorite of the experts. Several recommended Ethereum for its vast potential.
“While Bitcoin often dominates headlines and has led recent rallies, Ethereum stands out as a compelling investment opportunity due to its unique combination of attributes,” said Hossein Azari, CEO at OpenFI, a Web3 finance app built on DeFi principles.
Michael Martin, vice president of market strategy for TradingBlock, agreed, “Though Bitcoin has been in the spotlight over the past few weeks, I believe Ethereum is the digital asset with the greatest potential under a Trump administration.”
Both experts cited Ethereum’s potential and efficiency in the decentralized finance space and its functionality as the foundation of decentralized apps and non-fungible tokens (NFTs).
“Its programmable blockchain enables smart contracts, which power a wide array of use cases,” Azari said. “This vibrant ecosystem attracts developers, users, and investors alike.”
XRP
XRP, the coin behind the Ripple blockchain, also surged recently, jumping up to $1.26 to surpass Dogecoin as the sixth most valuable crypto, according to CryptoNews.com. The coin has seen a trading volume exceeding $2 billion since July, when a court ruled that the SEC cannot treat XRP as a security in retail transactions, according to FinanceMagnates.com.
“During the past few years we have seen the SEC randomly go after crypto firms and crypto exchanges without giving detailed reasoning,” said Peter Eberle, president and chief investment officer of Castle Funds. “There is the anticipation that Gary Gensler’s reign at the SEC will come to an end [under Trump] and a new pro-crypto chair will be appointed. This will benefit Ripple, the XRP token, as well as others that have been targets of Gary’s war on crypto.”
Cardano
Cardano is another crypto that shows promise under Trump’s expected policies. “Besides Bitcoin, the early post-election outperformers have been cryptos perceived to be early beneficiaries under Trump 2.,” Tan said. “The price gains for the likes of Dogecoin and Cardano have been fueled either by mere association with the incoming US administration or via potential near-term approval of new crypto-linked products.”
Dogecoin
Doge has seen its ups and downs, especially as a favored crypto of Musk. Because of its low entry point of under 50 cents, an investment in Doge might be worth the risk. It gained 132% in value following the election, only to drop 22%
But Tan warned, “Given the inherent volatility, this asset class appears more suited for traders and investors with significantly larger risk appetites.”
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