Why are cryptocurrencies rising in price, and what awaits them in the near future?
The record rise in cryptocurrency prices in November 2024 has many people asking themselves: Why are cryptocurrencies rising in price and why didn't I buy them sooner?.
Following the election of Donald Trump as US President, first Bitcoin, and then most altcoins, began to rise sharply in price.
In just 10 days, Bitcoin has grown by 29%, while popular altcoins such as Ripple have grown by 110%, Dogecoin by 115%, and Cardano by 125%.
The reason for this growth is said to be Trump's victory in the presidential election, who several months ago stated that after becoming president he would make Bitcoin one of the reserve assets for the US dollar.
These facts prompted large investors to purchase large volumes of cryptocurrency after the US election results were announced. This move did not go unnoticed, and the market surged.
Therefore, the answer to the question of why cryptocurrencies are currently rising in price is more than obvious – everyone is waiting for Trump to fulfill his promise to include Bitcoin, and possibly some other cryptocurrencies, in the US gold and foreign exchange reserves.
What does the future hold for cryptocurrencies?
Right now, I would bet more on altcoins like Ripple and Stellar, whose prices haven't yet reached their peaks, rather than Bitcoin, and there aren't that many coins in circulation.
Many experts estimate that Ripple could rise to $3 per coin, and Stellar could reach $1. This means, by the most conservative estimates, profits of up to 200% could still be made.
An additional price boost for Ripple is the fact that this cryptocurrency is a candidate for the release of its own ETF - Bitwise has filed to launch an ETF ; if this happens, the coin will most likely break the $5 mark.
You can buy the altcoins and Bitcoin listed above from licensed cryptocurrency brokers; the main thing is to do it in time.
