VanEck has released its November report, painting a bullish picture for the crypto market, fueled by Donald Trump's re-election and the proposal of a pro-crypto cabinet.
In this report, titled “Crypto Monthly Recap for November 2024,” VanEck made a detailed analysis of the factors that have contributed to this renaissance of the crypto market and how the future policies of the new US administration are affecting cryptocurrency investors and users.
Donald Trump’s re-election and his proposed appointment of more than half a dozen cabinet members with a pro-crypto stance have injected new momentum into the market. This change in the regulatory environment has generated a climate of confidence and security for investors, which is reflected in the performance of digital assets during the month of November, VanEck said.
“November 2024 will be remembered as a pivotal month in the history of digital assets following Donald Trump’s re-election and his proposed appointment of half a dozen pro-crypto cabinet members.”
VanEck’s report highlights that memecoins led the rally, registering a 95% increase in the month. Additionally, the MV Equal Weighted 100 Index, which tracks the performance of 100 digital assets, saw a 71% increase. This data indicates a return of retail investors to trading platforms, which is revitalizing the market.
Trump, a pro-crypto cabinet and investor optimism
Donald Trump’s proposal to include pro-crypto figures in his cabinet has encouraged investors to trust in the establishment of a more favorable regulatory framework during his administration. This confidence is translating into a greater willingness to invest in cryptocurrency projects, especially those that have historically been marginalized by regulatory uncertainty. According to VanEck, the possibility of more technological innovation-friendly policies has also encouraged developers and entrepreneurs to explore new opportunities in the crypto ecosystem in the country.
Bitcoin, Ethereum and memecoins stand out in this bullish cycle
November was a month of remarkable recovery for the prices of Bitcoin and Ethereum, two of the most important cryptocurrencies in the crypto market. According to the report, during this month, Bitcoin registered a rise of 37%, while Ethereum rose by 43%. These gains are largely due to the increase in on-chain activity and the promise of government adoption, in the case of Bitcoin, and the evolution of the technical roadmap, in the case of Ethereum.
However, the real protagonist of the rally, according to the firm's report, has been the memecoin sector, which led the rise with a 95% increase. These cryptocurrencies, known for their speculative nature and appeal to pop culture, have attracted a large number of retail investors to the crypto market. The memecoin mania has created a ripple effect, boosting the value of other cryptocurrencies and rekindling interest in the market at large.
VanEck noted that the popularity of memecoins is due, in part, to their low initial price and the ease with which investors can participate in their trading. In addition, media coverage and social media have played a crucial role in the spread of these cryptocurrencies, generating a wave of enthusiasm and speculation that has resonated throughout the digital ecosystem.
Ethereum and Solana lead the technical advances of the crypto ecosystem
The VanEck report also highlighted the significant technical advancements experienced by the Ethereum and Solana blockchains, which are two of the most influential projects in the crypto ecosystem.
In the case of Ethereum, the network has revealed Faster block times and quantum-resistant updatesThese technical improvements are crucial for the network’s scalability and security. The implementation of a quantum virtual machine (zkVM) and the reduction of staking requirements are some of the most notable features of Ethereum’s new roadmap, known as “Beam Chain.” These changes promise to increase transaction speeds and reduce costs, which could attract more users and developers to the platform.
Moreover, Solana It has been established Record revenues amid memecoin mania. The SOL token hit a new all-time high of $262, driven by the surge in trading activity for memecoins created on the network. Solana has also demonstrated its ability to handle large transaction volumes efficiently, cementing its position as one of the most popular blockchains for decentralized applications (dApps) and decentralized finance (DeFi).
Additionally, Solana has seen significant growth in its trading volumes on decentralized exchanges (DEXs). Projects such as Jito, which focus on maximum value extraction (MEV), have generated record revenues, indicating an ever-expanding and evolving ecosystem, the firm stressed.
The promise of a favorable regulatory environment for cryptocurrencies in the United States
Finally, VanEck highlighted that the post-election regulatory environment in the United States has encouraged several projects in the crypto world to explore new opportunities and develop innovative solutions. Trump's proposal to appoint a pro-crypto cabinet has generated a climate of trust and security, which has encouraged companies to invest in the development of blockchain technologies.
Consensys, a major Ethereum contributor, has announced release plans of a token for its layer-2 blockchain, Linea, in Q2025 XNUMX. This move has sparked speculation about a possible trend for other DeFi protocols to follow Consensys’ lead, given the improving US regulatory environment.
In short, the revival of the cryptocurrency market in November 2024 is due to a combination of factors, including a favorable regulatory environment, significant technical advancements, and the rise of memecoins. Donald Trump’s re-election and the proposal of a pro-crypto cabinet have injected new momentum into the market, encouraging investors and developers to explore new opportunities in the US crypto ecosystem.
