Why Cryptocurrencies Are On Fire Today

Cryptocurrencies have jumped on Wednesday after the U.S. election was called for former President Donald Trump. Investors are thinking a leadership change will lead to more token usage and more innovation on the blockchain, which will ultimately unlock value.

Solana (CRYPTO: SOL) was a big mover gaining 12.1% from the stock market's close on Tuesday to 2 p.m. ET on Wednesday. Over that time, Sui (CRYPTO: SUI) was up 14.3%, Avalanche (CRYPTO: AVAX) had gained 10.2%, and Polkadot (CRYPTO: DOT) was up 4.9%. The move is still holding and even crypto stocks have made a huge move today.

Ironically, while most businesses are looking for deregulation from a new administration, crypto is looking for more regulatory certainty. In a variety of ways, the current administration has been going after crypto including in court through the U.S. Securities and Exchange Commission. Those actions could end with changes at the top of regulatory bodies, but it's also possible Congress could pass laws that would allow for innovation on the blockchain.

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Source Fool.com