Bitcoin’s 142% rise in 2024 has increased investor interest in altcoins such as AAVE, LINK, and AVAX. President Trump's pro-crypto stance and the possibility of deregulation have raised expectations for ETF approval, pushing altcoins higher. AVAX and LINK expect significant price increases related to strategic alliances and market development.
Alt-season vibes are evident in the crypto sector. As Bitcoin rises 142% in 2024, investors are turning their attention to cryptocurrencies that surpass BTC and ETH.
And some of the biggest profiteers are no strangers to experienced crypto enthusiasts. On the 24-hour time frame, Aave (AAVE) is up 24%, Chainlink (LINK) is up 22%, Lido DAO (LDO) is up 18%, and Avalanche (AVAX) is up almost 10%.
Related: Radar – Coins to watch: AAVE and ONDO
The rally came after President-elect Donald Trump rang the opening bell at the New York Stock Exchange and said, “We're going to do something great with cryptocurrencies.”
President Trump’s pro-crypto stance and potential for deregulation has given altcoins a boost, with many holding off on applying to become exchange-traded funds (ETFs). Perhaps Trump was hinting that he would approve these ETFs after taking office.
Let's take a closer look at why some of these altcoins are rising.
AVAX gains momentum with strong collaboration
AVAX has had an interesting month, with its price soaring 54% from US$34.25 (AU$53.78) on November 14 to US$53.19 (AU$83.52) now. While this is great, AVAX still has a long way to go before reaching its all-time high of USD 146.22 (AUD 229.62) on 22 November 2021.
Avalanche (AVAX), monthly chart, source: CoinMarketCap
The price hike comes as Avalanche launched a US$250 million (A$392.7 million) Rock Token Sale led by Galaxy Digital and others, attracting more than 40 top investment firms. It happened. At the same time, the Avalanche9000 testnet introduced significant cost savings and a US$40 million (AU$62.8 million) grant program for developers.
Related article: Bitcoin regains $100,000 amid optimistic CPI data and cautious Fed stance
Jason Urban, head of global trading at Galaxy, said supporting Avalanche “and the growth and scalability of blockchain protocols” is important for the crypto sector.
At Galaxy, we are providing Avalanche with the strategic resources and services needed to drive organizational engagement and long-term growth, ensuring Avalanche9000 can lead the next wave of blockchain adoption.
Jason Urban, Head of Global Trading, Galaxy
LINK achieves goals not seen since 2021
Meanwhile, cryptocurrency oracle Chainlink has had an unusual month, rising from US$13.93 (AU$21.86) a month ago to US$28.77 (AU$45.16) at the time of writing.
Meanwhile, the LINK price has soared more than 106%, making the project 12th in terms of market capitalization, at a staggering US$18 billion (A$28.2 billion), just behind Avalanche. LINK has not seen such prices since late 2021.
Chainlink (LINK), monthly chart, source: CoinMarketCap
It's a little difficult to find the reason for LINK's price hike. Because this is one of the projects that often makes headlines for collaboration and development. Perhaps the most recent is the partnership with Emirates NBD Banking Group and the launch of a cross-chain interoperability protocol on the Ronin network. This is just a day in the life for LINK.
President Trump’s altcoin hoarding
Like LINK, AAVE is also up over 100% in the last month. The price increase comes amid an upgrade to the Aave network, with version 4 to be released soon, which should bring further improvements in “capital efficiency, risk management, and UX features,” the developers said.
Aave (AAVE), monthly chart, source: CoinMarketCap
Related: Unlock tomorrow's crypto fortunes: Australian analysts' strategic insights to survive 2025
And Donald Trump's World Liberty Financial has also been found to be buying, adding ETH, AAVE, and LINK to its portfolio.
Donald Trump buying up virtual currency!?
President Trump's World Liberty Financial just exchanged $5 million $USDC For Ethereum, get the sum $ETH The holding amount is now $55 million.
Chainlink and Aave tokens were also exchanged, and the wallets now held $1 million each. $LINK & $AAVE.
What will the coin be? pic.twitter.com/EcyOgkJfwo
— Altcoin Daily (@AltcoinDailyio) December 12, 2024
