Why Altcoins Were Blasting Higher on Wednesday
Hump Day was clearly not presenting much of a hump for a great many cryptocurrencies, no matter how lightly capitalized or obscure. The market was, of course, trading largely on the news of Donald Trump's return to the presidency. More than a few crypto-heads believe he'll be the top advocate for their beloved asset class.
It wasn't hard to find crypto winners on Wednesday, with many running high on double-digit gains. As a group, altcoins and tokens were very much part of the rally -- Cardano (CRYPTO: ADA) was ahead by almost 7%, Bitcoin Cash (CRYPTO: BCH) was enjoying a nearly 9% lift, and Aptos (CRYPTO: APT) and Chainlink (CRYPTO: LINK) were both in the double-digit club with slightly over 10% rises as of 4 p.m. ET.
During his campaign to return to the White House, Trump tended to be vague about his specific policies. One pledge he did make was that he would turn the U.S. into "the crypto capital of the planet," although he was hardly specific about what this would entail. He also made promises about establishing a national "strategic reserve" of the leading digital currency, Bitcoin (CRYPTO: BTC).
Source Fool.com
