AAVE, LINK, AVAX Spearhead Altcoin Rally amid Trump’s Crypto Buying
- Bitcoin’s 142% rally in 2024 prompts investor interest in altcoins like AAVE, LINK and AVAX.
- Trump’s pro-crypto stance and potential regulatory easing fuel hopes for ETF approvals, boosting altcoins.
- AVAX and LINK see significant price surges linked to strategic collaborations and market developments.
There’s a sense of altseason palpable in the crypto sector. With Bitcoin rallying 142% in 2024, investors are turning their attention toward cryptos beyond BTC and ETH.
And some of the biggest gainers are no strangers to seasoned crypto degens. Aave (AAVE) is up 24% on the 24-hour timeframe, Chainlink (LINK) gained 22%, Lido DAO (LDO) is up 18% and Avalanche (AVAX) is up by almost 10%.
Related: On the Radar – Coins to Watch: AAVE and ONDO
The rally comes as President-elect Donald Trump rang the opening bell at the New York Stock Exchange, saying “we’re going to do something great with crypto”.
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Trump’s pro-crypto stance and the potential for a less stringent regulatory approach is giving altcoins a boost, as many of them have applications for exchange-traded funds (ETFs) pending. Perhaps Trump was hinting at an approval of these ETFs once he comes into office.
Let’s have a closer look at why some of these altcoins are up.
AVAX Gains Momentum on Bullish Collab
AVAX has had an interesting month, with the price surging 54%, going from US$34.25 (AU$53.78) on 14 November to currently US$53.19 (AU$83.52). And while that’s impressive, it’s still a long way to go for AVAX to reach its all-time high of US$146.22 (AU$229.62) from 22 November 2021.
Avalanche (AVAX), monthly chart, source: CoinMarketCap
The price surge comes as Avalanche has launched a US$250 million (AU$392.7 million) locked-token sale, led by Galaxy Digital and others, attracting over 40 top investment firms. Coinciding with this, the Avalanche9000 testnet introduces major cost reductions and a US$40 million (AU$62.8 million) grant program for developers.
Related: Bitcoin Reclaims $100K Amid Optimistic CPI Data and Cautious Fed Stance
Jason Urban, Global Head of Trading at Galaxy said supporting Avalanche “and the growth and scalability of blockchain protocols”, is important for the crypto sector.
At Galaxy, we are providing Avalanche with the strategic resources and services needed to foster institutional participation and long-term growth, ensuring they can lead the next wave of blockchain adoption with Avalanche9000.
Jason Urban, Global Head of Trading at Galaxy
LINK Hits Targets Not Seen Since 2021
Meanwhile, crypto-oracle Chainlink has had an exceptional month, going from US$13.93 (AU$21.86) a month ago to US$28.77 (AU$45.16) at the time of writing.
The LINK price has surged by over 106% in that time, sending the project to spot 12 on the market cap, with an impressive US$18 billion (AU$28.2 billion), just one spot behind Avalanche. LINK hasn’t seen such prices since late 2021.
Chainlink (LINK), monthly chart, source: CoinMarketCap
To find a reason for LINK’s prices rally is a little hard, as this is one of those projects that’s often in the news for its collabs and developments. The most recent ones probably being the partnership with Emirates NBD banking group and the launch of the Cross-Chain Interoperability Protocol on the Ronin network – just another day for LINK.
Trump’s Altcoin Buying Spree
Similar to LINK, AAVE is also up by over 100% in the past month. The price rally comes amid upgrades to the Aave network, with version four coming soon, which should further improve “capital efficiency, risk management and UX capabilities”, the developers said.
Aave (AAVE), monthly chart, source: CoinMarketCap
Related: Unlocking Tomorrow’s Crypto Fortune: Aussie Analysts Strategic Insights for Mastering 2025
And it turns out Donald Trump’s World Liberty Financial is on a buying spree too, adding ETH, AAVE and LINK to the portfolio.
