The return of Donald Trump to the White House following his 2024 U.S. presidential election victory has reignited interest in how crypto markets may respond under his leadership. During his previous term from 2017 to 2021, the digital asset landscape saw dramatic shifts — and many of the top 10 cryptocurrencies at that time have since evolved in vastly different directions.
This article explores the performance, transformation, and current status of the top cryptocurrencies during Trump’s last presidency, offering insights into market trends, technological upgrades, regulatory developments, and future potential.
Bitcoin: The Unshaken King of Crypto
Price on January 20, 2021: $35,302.18
Price on November 11, 2024: $82,379.60
Bitcoin has weathered volatility far beyond political cycles — including a historic high near $67,000 in late 2021, followed by a steep drop to $17,000 after the FTX collapse in 2022. Despite these swings, BTC emerged stronger than ever in 2024, fueled by the approval of spot Bitcoin ETFs in the U.S., which opened institutional floodgates.
With Trump’s pro-crypto campaign stance — including calls for reduced SEC oversight under Chair Gary Gensler — investor confidence soared. Many analysts now eye the symbolic $100,000 milestone as achievable in the near term.
Beyond price, Bitcoin’s utility has expanded dramatically. Through innovations like Ordinals and Runes, it now supports NFT-like digital collectibles and memecoins directly on its base layer. While originally designed as “digital gold,” Bitcoin is increasingly becoming a platform for cultural and speculative expression.
Ethereum: From Dominant Force to Layer-2 Laboratory
Price on January 20, 2021: $1,361.05
Price on November 11, 2024: $3,175.47
Ethereum once reigned unchallenged as the foundation of decentralized applications and smart contracts. Today, it remains second in market cap but faces growing competition from high-speed blockchains like Solana.
Rather than compete on speed alone, Ethereum chose scalability through Layer-2 solutions — rollups such as Arbitrum, Optimism, and zkSync. These offload transactions from the mainnet, reducing congestion and gas fees. However, this approach has fragmented liquidity across multiple chains, creating complexity for users and developers.
The Merge in September 2022 marked a pivotal upgrade: Ethereum transitioned from energy-intensive Proof-of-Work to sustainable Proof-of-Stake, cutting energy use by 99%. This environmental win boosted its long-term appeal but didn’t trigger immediate price euphoria.
Although Ethereum launched its own spot ETF in 2024, it lagged behind Bitcoin in adoption momentum. Its future hinges on continued scaling via sharding and broader ecosystem cohesion.
Tether (USDT): Stability Amid Scrutiny
Despite the 2022 Terra-Luna crash — which shattered trust in algorithmic stablecoins — Tether’s USDT not only survived but thrived. It now ranks as the third-largest cryptocurrency by market capitalization, with reserves reportedly backed largely by U.S. Treasury bills.
Tether reported a staggering $7.7 billion in net profit for 2024, including $2.5 billion in Q3 alone. Yet controversy persists: the company still lacks a full, independent audit. Instead, it releases periodic attestations from accounting firms.
This opacity fuels skepticism. Can Tether truly maintain a 1:1 peg without full transparency? While its dominance in trading pairs and cross-border settlements is undeniable, trust remains its most valuable — and vulnerable — asset.
👉 Learn how stablecoins power global crypto transactions and protect value in volatile markets.
Polkadot: From Cross-Chain Visionary to Rebuilding Mode
Price on January 20, 2021: $15.94
Price on November 11, 2024: $5.13
Once a top-five crypto, Polkadot aimed to become the ultimate interoperability hub — connecting disparate blockchains into a unified network. By 2024, however, it had fallen to #21 in market cap.
Rather than fading quietly, Polkadot launched Agile Coretime, a revolutionary model allowing developers to buy computing resources directly on its core layer — a shift from its previous parachain auction system.
In December 2023, Polkadot set a record with over 17 million transactions in a single day, driven by "Inscriptions," a nod to Bitcoin Ordinals. Still, adoption lags behind rivals like Ethereum and Solana in DeFi and developer activity.
Polkadot’s success will depend on whether its next-gen infrastructure can attract builders looking for scalable, cross-chain capabilities.
XRP: Legal Clarity Fuels Renewed Momentum
Price on January 20, 2021: $0.2859
Price on November 11, 2024: $0.5816
XRP’s journey has been defined by legal battles. Ripple Labs faced years of litigation with the SEC over whether XRP was an unregistered security. In a landmark 2023 ruling, a judge determined that while certain institutional sales violated securities laws, XRP itself is not a security.
This partial victory brought long-awaited regulatory clarity — a game-changer for the XRP ecosystem. With reduced legal risk, discussions around an XRP ETF have gained traction alongside candidates like Solana.
Though XRP slipped from fifth to seventh place in market rankings, its price more than doubled since early 2021. Its focus on fast, low-cost cross-border payments continues to resonate with financial institutions globally.
Cardano (ADA): Innovation Amid Declining Activity
Price on January 20, 2021: $0.3587
Price on November 11, 2024: $0.5929
Cardano was once hailed as an “Ethereum killer,” built on academic research and led by Ethereum co-founder Charles Hoskinson. By 2024, it occasionally dropped out of the top 10 amid criticism over slow development and low user engagement.
Data shows declining core developer activity and fewer code contributions. Critics call it a “ghost chain” — technically sound but lacking real-world usage.
Yet Cardano isn’t idle. The Chang hard fork in September 2024 introduced key upgrades for scalability and governance. The network also entered Voltaire phase, aiming for full decentralized decision-making where token holders vote on proposals.
If execution accelerates and adoption follows, Cardano could reclaim relevance in the smart contract space.
Litecoin & Bitcoin Cash: Nostalgic Pioneers Struggling for Relevance
Litecoin (LTC):
- Jan 2021: $149.80
- Nov 2024: $77.38
Bitcoin Cash (BCH):
- Jan 2021: $501.72
- Nov 2024: $438.73
Both were early contenders for “digital cash.” Litecoin offered faster transactions; Bitcoin Cash increased block size to fulfill Satoshi’s peer-to-peer vision.
But today, neither ranks in the top 15. While accepted at select cafes in places like Buenos Aires or Ljubljana, widespread daily use remains elusive. In a world where Bitcoin is “digital gold” and newer chains offer smart contracts, their utility feels limited.
Regulatory hurdles and lack of innovation have further dampened momentum.
Chainlink (LINK): The Quiet Backbone of DeFi
Price on January 20, 2021: $20.51
Price on November 11, 2024: $13.99
Chainlink doesn’t seek headlines — it powers them behind the scenes. As the leading oracle network, it feeds real-world data (like prices or weather) into smart contracts across DeFi platforms.
Since Trump’s last term, Chainlink has solidified its role with Chainlink 2.0, introducing decentralized oracle networks and enabling advanced features like dynamic NFTs and automated blockchain functions.
Staking was finally launched in 2024, allowing LINK holders to earn rewards while securing the network — a major incentive boost.
Despite growing influence, LINK’s price has declined due to competition from newer oracles and some projects building custom solutions.
Stellar (XLM): CBDC Potential Overshadowed by Market Shifts
Price on January 20, 2021: $0.2917
Price on November 11, 2024: $0.1092
Founded by Ripple co-founder Jed McCaleb, Stellar focuses on fast, low-cost international payments — especially for unbanked populations.
It made progress in central bank digital currency (CBDC) pilots, notably testing Ukraine’s digital hryvnia. But governments often prefer centralized systems or established platforms like Ethereum for such initiatives.
As DeFi-focused chains gained attention, XLM fell from #10 to #35 in market cap — highlighting the challenge of staying competitive without strong retail momentum.
Frequently Asked Questions (FAQ)
Q: Which cryptocurrency performed best during Trump’s previous term?
A: Bitcoin showed the strongest long-term growth post-2021, especially after ETF approvals in 2024 drove institutional demand.
Q: Why did Polkadot lose ranking despite technical upgrades?
A: Despite innovations like Agile Coretime, Polkadot struggled with lower developer engagement and slower ecosystem growth compared to rivals like Solana.
Q: Is XRP safe to invest in after the SEC case?
A: The court ruling provided significant clarity — XRP is not inherently a security — but regulatory risks may persist depending on future enforcement actions.
Q: Can Litecoin or Bitcoin Cash make a comeback?
A: Widespread adoption would require renewed innovation or major merchant partnerships — currently unlikely given market trends favoring smart contract platforms.
Q: What role do stablecoins like USDT play in crypto markets?
A: USDT serves as a primary trading pair and value anchor during volatility — critical for liquidity and cross-border transfers.
Q: How might Trump’s return impact crypto regulation?
A: His pro-innovation stance suggests lighter regulation compared to the current SEC approach — potentially boosting investor confidence and accelerating product approvals.
👉 Stay ahead of regulatory changes and market shifts shaping the future of crypto investments.