The broader crypto market has witnessed a robust bullish reversal over the previous few days. This has led to multiple coins breaking down their crucial resistance levels. According to fresh data released by Phoenix Group today, several tokens accomplished new all-time highs recently, highlighting expanded bullish momentum.
Tokens that reached new ATHs recently
Today, Phoenix Group shared data that highlighted multiple coins that recently climbed to new all-time highs fueled by the US election.
The data started with Bitcoin, which rose to a new ATH of $109,588 today, Jan.20, 2025, ahead of Trump’s inauguration as the next US president. According to the data, BTC’s current price of $108,277 is 0.8% lower than the highest price.
The metrics further identified GateToken (GT), which reached a new ATH of $21.09 on Jan.17, 2025, while DeepBook (DEEP) climbed its new AHT of $0.3411 on Jan.18, 2025.
Solana also recently gained massive attention for its remarkable growth, reaching a new AHT of $293.65 on Jan.19, 2025. Furthermore, as per the data, Sui reached its latest AHT of $5.35 on Jan.4, 2025. Its current price is trading at $4.77, down 10.9% from the highest price.
The data also identified BNB, which moved to its latest AHT of $792.88 on Dec. 4, 2024. Orderly Network also appeared on this list after it climbed to a new AHT of $0.31 on Jan.19, 2025.
Recently, XRP garnered attention with its recent surge to a new AHT of $3.84 on Jan.19, 2025. Also, Morpho’s recent historic surge enabled it to hit a new AHT of $4.17 on Jan.17, 2025. Lastly, Mantra’s recent upward trend propelled it to a new AHT of $4.59 on Dec.11, 2024.
Why crypto tokens are seeing new heights
Trump’s swearing-in ceremony has been the key factor driving the latest crypto markets’ recovery. Also, the anticipation of crypto-friendly regulation from the incoming regime and a new approach by US regulators have been other major catalysts.
Crypto markets experienced massive rallies following Trump’s election last year in November. Last week, the markets recovered their losses due to recent consolidations that saw most tokens slow down their strengths. The ongoing market resurgence came following the announcement of a positive inflation report last week. The rising expectation of favorable crypto policies under the new regime has also been a driver for this recovery.
During the campaign season, Trump pledged to support cryptocurrencies through various initiatives including a proposal to create a Bitcoin strategic national stockpile, among others. With the incoming of the new regime, the crypto market is set to witness a seamless change from complete hostility to entire support. The hiring of David Sacks as a cryptocurrency and AI advisor to the White House signifies a crypto-friendly stance.
Furthermore, the establishment of a Bitcoin strategic national reserve has the potential to cause competition among other nations to embrace large-scale purchases of Bitcoin and other virtual tokens. Also, US friendly approach to crypto would possibly spur favorable crypto regulations across other countries worldwide. Due to these positive developments, the wider crypto market is set to witness a greater surge in 2025.
