These crypto tokens rallied through the Trump-Musk breakup

Source Fxstreet
  • The spat between Donald Trump and Elon Musk hit the price of most crypto tokens, including Bitcoin.
  • TRON, Conflux, OKB, SPX6900, and ONT post gains in the last seven days, defying the market-wide negative sentiment.
  • Crypto market capitalization stands above $3.41 trillion on Monday, up 4.1% from the one-month low seen on June 6.

Bitcoin (BTC) tested support at $100,372 last week on June 5, in the aftermath of Elon Musk’s criticism of Trump’s spending bill and the public spat that followed. Bitcoin, altcoins and crypto market capitalization have all recovered since then, BTC gained slightly under 2% and top tokens like Tron (TRON), Conflux (CFX), OKB (OKX Block), Ontology (ONT) and SPX6900 (SPX) rallied irrespective of the tussle between the Tesla Chief and the US President.

Crypto isn’t heartbroken, these five tokens are rallying

Sectors like Made in China tokens, exchange platforms native tokens and social coins like TRON rallied in the last seven days, even as billions of dollars in value were wiped from crypto market capitalization and top cryptos like BTC and Ethereum (ETH) noted a price decline. 

While market participants’ sentiment turned to “fear” from “neutral” in the same time period, speculating the aftermath of the Trump-Elon breakup. The sentiment among traders slowly recovered and reads between 62 and 64, on a scale of 0 to 100, representing “greed. 

Fear & Greed Index

Fear & Greed Index | Source: Alternative

These five tokens have rallied in the past seven days, outpacing Bitcoin and other top cryptos, unaffected by the public spat between Trump-Musk. TRON gained nearly 5%, CFX added 7% to its value, OKB rallied nearly 5%, ONT posted nearly 4% gains and SPX6900 observed a double-digit rally, up 30% in the last seven days. 

The five tokens belong to different categories like Made in China coins CFX and TRON, exchange’s native token OKB, decentralized identity token ONT and Ethereum-based coin SPX6900. 

Does the crypto rally have legs?

As Bitcoin’s market dominance (BTC market cap against the entire crypto market, including altcoins and stablecoins) continues to grow, there is a lower likelihood of an altcoin season. An altcoin season is a period of time where 75% of the cryptos ranked in the top 50 coins by market capitalization outperform Bitcoin over a 90-day period. 

Bitcoin dominance

Bitcoin market cap dominance daily chart | Source: TradingView

Typically, Bitcoin dominance stabilizes or reduces, paving the way for capital rotation and higher gains in altcoins, as seen in previous crypto cycles. The altcoin season index at Blockchaincenter shows it is not altcoin season yet, it is not even Bitcoin season and the index reads 20 on a scale of 0 to 100. 

Altcoin Season Index

Altcoin Season Index | Source: Blockchaincenter 

Commenting on the factors influencing Bitcoin and altcoin prices this week, Bitunix’s market team told FXStreet in a written note that:

“Long-end U.S. bond yields hit new highs due to poor auction yields, market risk appetite will deteriorate sharply, negative for risky assets, especially crypto markets. Bitcoin faces major pressure $106,500, key support is $104,000-103,500, if BTC loses $103,500 support, liquidation strength reaches $1.33 billion.” 

Analysts recommend that traders “tightly control risk positions,” and observe the direction of capital flows to the US Dollar before making decisions on derivatives trades in crypto. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Natural Gas sinks to pivotal level as China’s demand slumpsNatural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
Author  FXStreet
Jul 01, 2024
Natural Gas price (XNG/USD) edges lower and sinks to $2.56 on Monday, extending its losing streak for the fifth day in a row. The move comes on the back of China cutting its Liquified Natural Gas (LNG) imports after prices rose above $3.0 in June. It
placeholder
Analysts Highlight 4 Reasons Why ETH Price Could Rebound Strongly in MayEthereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
Author  Beincrypto
May 07, Wed
Ethereum (ETH) has declined for five consecutive months. However, it enters May with rising optimism.
placeholder
Dogecoin Follows Bearish June Trend With over 4% Losses – Is The Worst Over?The month of June has been historically bearish for the Dogecoin price, and so far, June 2025 is following the same trend. With just a little over a week into the month, the Dogecoin price has already seen a decline of over 4%, suggesting it is sticking to the established trend. If this is the […]
Author  Bitcoinist
Jun 09, Mon
The month of June has been historically bearish for the Dogecoin price, and so far, June 2025 is following the same trend. With just a little over a week into the month, the Dogecoin price has already seen a decline of over 4%, suggesting it is sticking to the established trend. If this is the […]
placeholder
Nvidia CEO begins stock sales under $865M planNvidia CEO Jensen Huang is selling some of his shares using a pre-approved plan.
Author  Cryptopolitan
Jun 24, Tue
Nvidia CEO Jensen Huang is selling some of his shares using a pre-approved plan.
placeholder
Gold price declines to fresh two-week low, further below $3,300 ahead of US PCE dataGold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
Author  FXStreet
Jun 27, Fri
Gold price (XAU/USD) attracts fresh sellers following the previous day's directionless price move and slides back below the $3,300 mark during the Asian session on Friday.
goTop
quote