Is the Altcoins Market Rally About to Begin?

Following Donald Trump's victory in November last year, the altcoins market staged a massive rally until mid-December. However, over the past few weeks, it has been consolidating amid the Bitcoin price retracement to $90,000.

The altcoins market showed a strong resurgence on Tuesday, as signaled by the TOTAL3 market cap, which approached the $1 trillion milestone. This market rally saw XRP leading the way with a 12% gain.

Is the Altcoins Market Rally About to Begin?

Following Donald Trump’s victory in November last year, the altcoins market staged a massive rally until mid-December. However, over the past few weeks, it has been consolidating amid the Bitcoin price retracement to $90,000.

Today’s resurgence in the Bitcoin price and the broader altcoins market comes just ahead of the release of US CPI data on Wednesday. Additionally, all eyes are currently on Donald Trump’s inauguration on January 20, as some industry experts expect Trump to issue executive orders on crypto policy on the first day in office. This could also include repealing the controversial SAB 121 accounting rule, which forces banks to declare digital assets as liabilities.

On the other hand, the altcoins season index is currently at a crucial support of 49, per the data from Blockchain Center. Analysts are expecting a bounce back thereby triggering the next wave of the altseason.

Top Performing Digital Assets – XRP, DOGE, ADA and XLM

XRP Leads the Altcoins Market Rally

Ripple’s native cryptocurrency XRP is leading the altcoins market rally with a massive 12% jump in the last 24 hours. As of press time, XRP price today is trading at $2.84 with its daily trading volume jumping 12% shooting past $14 billion.