Several Crypto Tokens Hit New All-Time Highs Fueled by the US Election

The broader crypto market has witnessed a robust bullish reversal over the previous few days. This has led to multiple coins breaking down their crucial resistance levels.

The broader crypto market has seen a strong bullish reversal in recent days, with several coins breaking through key resistance levels.

According to new data from Phoenix Group on Monday, several tokens have recently hit new all-time highs, indicating increasing bullish momentum.

Here's a list of the top tokens that have recently reached a new ATH:

Bitcoin price today rose to a new all-time high of $108,277. This comes ahead of Trump’s inauguration as the next US president on Jan.20, 2025. BTC’s current price is 0.8% down from the highest price.

Solana also recently gained massive attention for its remarkable growth, reaching a new AHT of $293.65 on Jan.19, 2025. Moreover, as per the data, Sui reached its latest AHT of $5.35 on Jan.4, 2025. Its current price is trading at $4.77, down 10.9% from the highest price.

Recently, XRP garnered attention with its recent surge to a new AHT of $3.84 on Jan.19, 2025. Also, Morpho's recent historic surge enabled it to hit a new AHT of $4.17 on Jan.17, 2025. Lastly, Mantra's recent upward trend propelled it to a new AHT of $4.59 on Dec.11, 2024.

Trump's swearing-in ceremony has been the key factor driving the latest crypto markets’ recovery. Also, the anticipation of crypto-friendly regulation from the incoming regime and a new approach by US regulators have been other major catalysts.

Crypto markets experienced massive rallies following Trump’s election last year in November. Last week, the markets recovered their losses due to recent consolidations that saw most tokens slow down their strengths. The ongoing market resurgence came following the announcement of a positive inflation report last week. The rising expectation of favorable crypto policies under the new regime has also been a driver for this recovery.

During the campaign season, Trump pledged to support cryptocurrencies through various initiatives including a proposal to create a Bitcoin strategic national stockpile, among others. With the incoming of the new regime, the crypto market is set to witness a seamless change from complete hostility to entire support. The hiring of David Sacks as a cryptocurrency and AI advisor to the White House signifies a crypto-friendly stance.

Furthermore, the establishment of a Bitcoin strategic national reserve has the potential to cause competition among other nations to embrace large-scale purchases of Bitcoin and other virtual tokens. Also, US friendly approach to crypto would possibly spur favorable crypto regulations across other countries worldwide. Due to these positive developments, the wider crypto market is set to witness a greater surge in 2025.