Nov 29 2024: Bitcoin climbed on Friday, staying near record highs as optimism grew around pro-crypto policies under President-elect Donald Trump.
After facing some profit-taking in the previous week, Bitcoin remained buoyant on hopes that Trump’s regulatory picks would foster a friendlier environment for cryptocurrencies. By 00:55 ET (05:55 GMT), Bitcoin was up 0.9%, trading at $96,338.6, close to its all-time high of over $99,000 reached earlier in November. The cryptocurrency has surged nearly 40% since Trump’s victory, making November its best month since February.
Pro-Crypto Sentiment Fuels November Gains
Trump’s pledges to make the U.S. a global crypto hub and establish a Bitcoin strategic reserve have fueled the rally. His selection of pro-crypto figures like Scott Bessent for Treasury Secretary and Howard Lutnick for Secretary of Commerce has further boosted market sentiment.
Paul Atkins, a vocal advocate for digital assets and a potential pick to lead the SEC, is expected to replace current Chair Gary Gensler, who will resign in January. Gensler’s tenure was marked by a regulatory crackdown on crypto, and his departure signals a potential shift.
Additionally, Trump may transfer crypto oversight from the SEC to the CFTC, which is considered less stringent in its regulatory approach.
Altcoins and Meme Tokens Surge in November
Altcoins also saw strong gains in November. Despite a slight dip of 0.7% on Friday, Ether rose 42% for the month. XRP led the rally among altcoins, soaring over 200%, driven by hopes for a resolution to its legal battle with the SEC.
Other notable performers included Cardano, up over 200%, Solana with a 40% gain, and Polygon climbing 77%. Meme tokens like Dogecoin also saw significant traction, ending November up by 150%.
The market remains upbeat, with pro-crypto sentiment paving the way for robust growth across the digital asset space.
