Some Altcoins have exceeded the broader cryptocurrency market as Bitcoin presented a significant rebound above the $ 90,000 psychological level, driven by positive news of crypto adoption in the United States.
Cardano’s (Ada) Token is the largest gainer in 100 largest cryptocurrencies, rising more than 43% to 24 hours leading to 10:15 am UTC on March 3 to trade above $ 0.95, Cointelegraph markets Pro Data displays.
Ada/USD, 1-month chart. Source: Cointelegraph
Solana (Sol) and XRP (XRP) Also caused significant rallies, with XRP rising more than 15% and SOL rising nearly 12% in the sun -day chart, which is more than just the growth of Bitcoin (Btc) 7.3% Intraday increase.
Ada, Sol, XRP, 1-day chart. Source: Cointelegraph
The rally arrived almost one day after the US president Donald Trump announced That his working group in digital assets has been assigned to include these three altcoins in the US crypto strategic reserve.
According to Marcin Kazmierczak, co-founder and chief operating officer of Blockchain Oracle provider Redstone, this is the main driver behind the rally:
“The main reason (behind the rally) is Trump including three coins in US reserves. Shortly after he followed a tweet confirming BTC and ETH would clearly be the main part of the reserve.”
However, he added that community support also plays a role, especially for ADA and XRP, which has strong compliance that can attract more retail investors.
Source: Jamie Coutts
Current recovery in the crypto market may signal by the end of the previous market capitulation, seen 24% of the top 200 cryptocurrencies Falling to someone lows, Cointelegraph reported in Feb. 20.
Related: Ronaldinho launched the token with a 35% insider supply, which hit the $ 397M Market Cap
Ada, Sol, XRP First Altcoins to be included in the potential US Crypto Reserve
Juan Pellicer, analyst of Senior Research on the Intotheblock Crypto Intelligence Platform, told Cointelegraph that Trump’s announcement could signal a significant point for three altcoins:
“While the idea of a reserve was floating before, it marked the first time the specific altcoins were highlighted, suggesting that the plan extends across Bitcoin and is likely to emphasize Crypto-based crypto projects.”
Related: Solana Down 45% since the launch of the Trump’s token as Memecoins Divert Liquidity
Trump gave the keynote address at the Bitcoin 2024 Conference in Nashville. Source: Cointelegraph
Trump had previously promised to establish a “strategic national bitcoin stockpile” at the Bitcoin 2024 conference in Nashville, Tennessee. Trump said The audience during his main speech:
“This will be my administration’s policy – the United States of America – to maintain 100% of all Bitcoin that the government is currently holding or taking in the future. We will keep one hundred percent.”
https://www.youtube.com/watch?v=Q980_6DJFyu
Magazine: SCB Tips $ 500K BTC, SEC Densterns Ether ETF Options, and More: Hodler’s Digest, Feb. 23 – March 1
