President-elect Donald Trump’s support for cryptocurrency has sent several digital assets soaring in price since his re-election. Experts suggest that investing in these cryptocurrencies could be a smart move under a Trump administration. Here are five top picks.
According to Han Tan, Chief Market Analyst at Exinity, Dogecoin, Cardano, and XRP have seen significant price surges over 100% each. However, it’s essential to diversify your portfolio with cryptocurrency exposure while acknowledging the risk associated with this asset class.
Tan notes that Trump’s campaign promises and enthusiasm for crypto are driving these price increases. If markets sense a delay or reversal of his plans, they could lead to a rapid unwinding of gains. To avoid timing market risks, dollar-cost averaging is recommended.
Among top cryptocurrencies, Bitcoin remains the most widely recognized and accepted digital asset class. With potential legislation that could boost its desirability, value, and versatility, it’s seen as a key player under Trump’s administration. The US government might even consider strategic Bitcoin stockpiling.
Ethereum stands out for its vast potential due to its unique attributes. Its programmable blockchain enables smart contracts, which power a wide array of use cases. Michael Martin, vice president of market strategy at TradingBlock, believes Ethereum has the greatest potential under a Trump administration.
XRP, the coin behind the Ripple blockchain, has surged recently and may benefit from the anticipated appointment of a pro-crypto chair at the SEC. Peter Eberle, president and chief investment officer of Castle Funds, suggests that XRP could see increased value with a new regulatory approach.
Cardano is another promising cryptocurrency that might gain from Trump’s expected policies. Dogecoin, while volatile, has seen significant price gains due to its association with the incoming US administration.
Investors should exercise caution when adding cryptos to their portfolio due to their inherent volatility. Dollar-cost averaging and thorough research are crucial before making investment decisions.
Source: https://www.nasdaq.com/articles/5-cryptos-consider-investing-after-trumps-win-according-experts