Golden Finance reported that on December 4, Singaporean crypto investment institution QCP Capital issued an article today saying that the old cryptocurrency that has existed since 2021 has staged a spectacular rebound in the past two weeks. XRP broke the 2021 high of $2 and has gained an astonishing 400% since November, reaching a peak price of $2.90. Other established cryptocurrencies such as ADA, HBAR and XLM also achieved gains of 300%, 800% and 600% respectively. The reason for the altcoin market frenzy is that Trump announced a proposal in November to eliminate capital gains taxes on cryptocurrencies issued by U.S. companies. Additionally, expectations for a crypto-friendly U.S. cabinet are adding fuel to the craze. Rumor has it that Gary Gensler, who has been a headache for the cryptocurrency community, will be replaced by Paul Atkins to lead the U.S. Securities and Exchange Commission (SEC). Other candidates also appear to be crypto-friendly. Howard Lutnick is currently CEO of Cantor Fitzgerald and will soon serve as Secretary of Commerce. Cantor Fitzgerald is currently in talks with Tether, making Lutnick look like a supporter of the cryptocurrency. South Korea's declaration of martial law yesterday did little to calm the market frenzy. Bitcoin fell to a low of 93,500 as traders in South Korea reduced their positions following news of martial law. But the subsequent buyback activity among major cryptocurrencies and altcoins only shows how strong the market’s buying appetite is. We do see some near-term macro risks. Concerns about a resurgence of inflation have led markets to scale back expectations for the number of U.S. interest rate cuts in 2025 to just three. The geopolitical risks Trump poses to Mexico, Canada and the BRICS countries also exist. Despite these risks, we believe the cryptocurrency market is poised to move higher. Trump’s team is likely to enact crypto-friendly policies, attracting the interest of more institutional investors. Bitcoin breaking the $100,000 mark is possible, while Ethereum hitting all-time highs looks more like an impending reality than a dream.