- ADA and XRP gained traction in the market after Trump announced the U.S. Crypto Reserve.
- Following the announcement, ADA witnessed a 50% price surge and a 1500% volume jump.
- Other notable altcoins that gained momentum include SOL, IP, BGB, WIF, IOTA, XCN, and CRO.
The cryptocurrency market is an unpredictable environment and it is evident with the sudden surge of Bitcoin. The king of crypto was trading below $80K at the end of February but within 48 hours, it got back to $94K. Speculations are rife that this was possible after the latest announcement by President Donald Trump.
In a post on Truth Social, Trump stated that the U.S. Crypto Reserve will elevate the industry and emphasized that the U.S. is the crypto capital of the World. Further, Trump stated that the reserve would include several important cryptocurrencies including ADA, XRP, SOL, BTC, and ETH. With this, the price of Bitcoin experienced significant traction, pushing it above $94K while ADA witnessed stronger traction, crossing $1 with a surge in price and volume.
On the other hand, XRP gained momentum following its inclusion in the reserve. Market observers state that the token, which is awaiting its closure on the Ripple-SEC case, would come to a conclusion soon following Trump’s announcement. Notably, the U.S. Securities and Exchange Commission (SEC) had closed its enforcement cases on several firms without trial or any action. Some of them include Uniswap, Coinbase, Gemini, and even Robinhood.
Related: Trump’s Crypto Czar Unveils Regulations and BTC Reserve Plan
Earlier, the talk of crypto reserve stirred a heated debate between the supporters of Bitcoin and XRP. With both tokens being given equal leverage, the crypto community was skeptical of the outcome. However, with Trump’s announcement, the XRP community gained the upper hand as Trump focused on ADA, XRP, and even SOL. However, Trump made another announcement that spoke about the inclusion of Bitcoin and Ethereum in the reserve, stating them as the “heart of the reserve.”
Is This the Start of Altseason?
According to CoinMarketCap data, apart from ADA and XRP, several tokens like Bitget (BGB), Cronos (CRO), Story (IP), dogwifhat (WIF), Onyxcoin (XCN), MultiversX (EGLD), and IOTA (IOTA) witnessed a significant surge, following Trump’s announcement. Notably, WIF is the only meme coin to gain high momentum with above 18% whereas DOGE saw only a 5% increase over the last 24 hours.
With the surge, market observers state that it could be the start of an altseason. Recently, with Bitcoin in a consolidation position, several altcoins were in a fix as their trajectory relied heavily on Bitcoin. However, with the rise of Bitcoin to $94K and the soon-to-be-launched crypto reserve, altcoins would reach greater heights and Bitcoin could cross $100K again and make a new ATH.
