Trump’s presidential election win has sent the market into a buying frenzy, with almost all major cryptocurrencies seeing a surge in buying volume and value.
- Market rally: Trump’s election win boosts Bitcoin to over $76,200 before settling around $74,900, with the altcoin market cap also surging by 6%.
- RWA sector surges: Trump win ignites RWA tokens; top gainers include Hathor (+49.6%), Parcl (+32.3%), and Boson Protocol (+19.4%).
- Major news: OpenEden TVL drops after exec misconduct reports, BlackRock eyes Avalanche, Peaq token launch confirmed for Nov. 12, and BNB Chain simplifies RWA tokenization.
- Future outlook: RWA tokens show promise with recent developments, though search trends indicate declining interest.
The market is looking hot hot hot 🔥
Trump’s presidential election win has sent the market into a buying frenzy, with almost all major cryptocurrencies seeing a surge in buying volume and value.
Real-world asset (RWA) tokens have also caught a significant bid, sending some of the biggest winners skyrocketing.
Let’s dive in and take a closer look at what’s happening right now.
Market Overview
On Nov. 5, 2024, it was announced that Donald Trump would become the 47th President of the United States—defeating rival Vice President Kamala Harris in a decisive victory.
As arguably the more pro-crypto candidate, given his plan to establish the U.S. as the home of cryptocurrency by cutting through red tape and establishing a Federal Bitcoin reserve, his win sent the market soaring.
Source: Bitcoin (BTC) Coin Page
Bitcoin (BTC) smashed through its previous all-time high value to reach a peak of over $76,200 before retracing to its current price of around $74,900.
The market capitalization of all altcoins (besides ETH) has begun to show signs of positive momentum and is up more than 6% in a week. The OTHERS market cap currently sits at $528.2 billion, up from $498 billion this time last week.
Source: CoinMarketCap Charts
Meanwhile, the CMC Fear and Greed Index has just shifted into the “greed” range with a value of 70—its highest value since April this year.
The altcoin season index now sits at 34/100, as altcoins have clawed back some market dominance from Bitcoin.
Miss last week’s RWA update? Check it out here.
RWA Market Update
On the back of the recent Trump win and subsequent BTC rally, the RWA token sector has seen a surge of interest.
Looking at the Top Real World Asset Tokens Page, you’ll notice that practically every RWA token has surged in the last 24 hours.
Source: Top Real World Asset Tokens Page
Some of the best performers have managed to tack on more than 20% in the last day, including Hathor (HTR) at +49.6%, Parcl (PRCL) at +32.3%, and Boson Protocol (BOSON) at +19.4%.
Most RWA tokens are also up over the last seven days. Indeed, seven of the top 10 largest RWA tokens are in the green over the last week.
The best performers among the top 10 are:
- Maker (MKR): gained 9.8%
- Synthetix (SNX): gained 3.9%
- Avalanche (AVAX): gained 3.8%
For comparison, the biggest losers among the top 10 largest RWA tokens in the past week are:
- MANTRA (OM): lost 0.1%
- Axelar (AXL): lost 0.7%
- VeChain (VET): lost 1%
Zooming further out, most RWA tokens are still in a recent downtrend in terms of both price action and search volume.
According to Google Search analytics, the number of searches for both “real world assets” and “RWA” has declined in recent months.
Source: Google Trends
Some RWA assets, however, have seen their search volume improve over the last three months, including Ondo (ONDO) and VeChain (VET).
RWA News Roundup
The RWA space continued to gather momentum in November, with several major players launching institutional RWA tokenization solutions.
We’ve sifted through the latest news, updates and developments to bring you the six most important RWA stories for this week.
OpenEden TVL Slumps After Misconduct Reveal: Tokenized TBill issuer OpenEden has seen its on-chain total value locked (TVL) slashed by $30 million after OpenEden co-founder and DWF Labs partner Eugene Ng was reportedly involved in criminal acts.
BlackRock BUIDL Potentially Set for Avalanche Expansion: According to a recent token listing on the Avalanche blockchain, on-chain securities provider Securitize may be set to launch the BlackRock USD Institutional Digital Liquidity Fund (BUIDL) on the platform. Neither Securitize nor BlackRock has officially announced the expansion.
PEAQ Token Launch Date Announced: DePIN layer-1 platform Peaq has announced that the Peaq protocol and the native PEAQ token will launch on Nov. 12, 2024. More than 50 DePIN products are currently being built on the platform with over 1.75 million devices in the Peaq ecosystem.
Securitize Launches Fund Services Platform: Asset tokenization platform Securitize Inc. has introduced Securitize Fund Services, a comprehensive platform designed to streamline fund administration by addressing inefficiencies in traditional processes. The platform digitizes investor onboarding, automates workflows via smart contracts, and enables on-demand issuance and redemption of tokenized securities.
BNB Chain Launches Simplified RWA Tokenization Tool: BNB Chain has introduced a comprehensive tokenization solution to facilitate the digitization of real-world assets (RWAs). This platform offers tools and resources to simplify the process of converting physical assets into digital tokens, thereby enhancing accessibility and liquidity in the blockchain ecosystem.
SingularityDAO, Cogito Finance and SelfKey Merger Approved: SingularityDAO, Cogito Finance and SelfKey have merged to form Singularity Finance, an EVM layer-2 platform focused on tokenizing real-world assets (RWAs) within the AI economy. This initiative aims to enhance the liquidity and accessibility of AI-related assets through decentralized finance applications.
Looking ahead, the RWA token space appears filled with promise, but only time will tell if it can recapture the momentum seen earlier this year.
See you next week for another dose of RWA updates ✌️
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