Those 5 Altcoins Jumped Again Due to Trump Effect! Here are the Price Movements - Coinleaks
Current Date:November 7, 2024

Those 5 Altcoins Jumped Again Due to Trump Effect! Here are the Price Movements

Donald Trump’s victory in the presidential election in the United States caused fluctuations not only in the political arena but also in the financial markets. With this development, a significant movement was observed in the decentralized finance (DeFi) ecosystem. Prominent DeFi altcoin projects such as Aave and Uniswap experienced a huge increase in their values ​​following this election victory.

AAVE and UNI stood out among altcoin projects

DeFi tokens like Aave and Uniswap have made significant gains following Donald Trump’s victory in the US elections. Positive speculation about Aave’s price may be linked to its “partnership” with the Trump-linked World Liberty Financial project. Decentralized finance tokens like Aave and Uniswap have made significant gains today, with the former up over 24% in the last 24 hours and the latter up 30%. The price rally comes amid significant market reversal following Donald Trump’s victory in the US presidential election, a political reversal that reverberated across global markets.

Positive speculation about Aave’s price in particular may have been fueled by its partnership with the Trump-linked World Liberty Financial project. World Liberty Financial submitted a proposal to AaveDAO on October 9, requesting approval to launch its platform as an instance on Aave V3. To deepen its integration with Aave, World Liberty Financial has proposed sharing 20% ​​of transaction fees and 7% of its governance token supply (WLFI) with AaveDAO.

Top 30 cryptocurrencies experienced major rises

Following Trump’s victory, several major DeFi projects also recorded double-digit gains. In addition to the strong performance of Uniswap and Aave, Maker, Compound and Lido are up 11%, 12% and 17% respectively. Today’s global cryptocurrency market cap stands at approximately $2.57 trillion, reflecting an increase of more than 6% in the last 24 hours, while total trading volume reached $257 billion during the same period. Currently, Bitcoin accounts for 56.8% of the market, while ETH dominance is around 12.3%, according to CoinGecko data.

According to market data, the price of Bitcoin, the largest crypto asset by market cap, is changing hands above $74,300 and has remained mostly stable over the past 24 hours. Meanwhile, the GMCI 30 index, which represents the top 30 cryptocurrencies, increased by 8.9% in the last 24 hours to 130.76. Decentralized finance, or DeFi, is one of the areas of cryptocurrencies that is gaining a lot of attention. This category best refers to financial services that use smart contracts. These automatically enforceable contracts use internet blockchain technology to replace intermediaries such as banks or lawyers.