Layer 1 Assets Rally As Market Anticipates Trump’s Pro-Crypto Administration: CryptoQuant

The promise of a pro-crypto regulatory environment led by the incoming administration of US President Donald Trump has led to a positive effect among cryptocurrencies, with native assets on Layer 1 blockchains making substantial gains.

According to a report by CryptoQuant, crypto assets such as XRP, TRX, Toncoin (TON), SOL, ADA, native assets of Ripple, Tron Network, The Open Network, Solana and Cardano, respectively, have witnessed significant rallies since the conclusion of the US presidential election.

Layer 1 coins on the rise

Ripple’s native cryptocurrency XRP is up more than 120% to $1.40 since the election, smashing the $1 mark for the first time in three years. CoinMarketCap data shows the asset is up more than 166% monthly and 25% daily, growth fueled in part by an update on the resignation of US Securities and Exchange Commission (SEC) Chairman Gary Gensler .

The SEC and Ripple have been engaged in a legal battle for years, and Gensler’s departure could ease concerns for the digital asset infrastructure developer.

XRP’s rise in value coincides with decentralized exchange (DEX) activity on the network reaching a new all-time high and total active addresses rising to the highest daily level since early 2024. CryptoQuant found that the DEX volume on the XRP Ledger (XRPL). ) reached $3.5 million on November 15, with 80 traders participating. Ripple launched this new DEX automated market maker in May to support the chain’s DEX limit order book.

Tron Network’s native token TRX also hit a multi-year high of $0.20 and is up nearly 10% weekly. Tron has witnessed a steady growth in transaction activity, fueled by the use of Tether (USDT). This year, the number of daily transactions on the network increased to a new high of 10 million, while the total supply of USDT reached an all-time high of over $60 billion.

Daily punctual volume increase

Additionally, the value of Toncoin increased by 39% amid the high level of activity and liquidity of stablecoins on The Open Network. Daily active addresses on the network are now around one million, a significant increase from 60,000 at the beginning of the year. CryptoQuant also attributed this growth to the integration of USDT into TON in April. The stablecoin has become one of the most active assets on the network, with a circulating supply exceeding $1 billion.

SOL has hit an all-time high of $263, while ADA is up 160% to levels last seen in March 2024.

CryptoQuant added that rising altcoin prices led to an increase in daily spot trading volume. On November 11, the metric reached one of the highest levels recorded this year.

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