Why Bitcoin Ethereum and XRP Price are Up Today?
The post Why Bitcoin Ethereum and XRP Price are Up Today? appeared first on Coinpedia Fintech News
Recently, President Trump’s announcement of a U.S. Crypto Strategic Reserve has sparked a huge surge in crypto prices, with the market cap jumping nearly 20% since last Friday. The crypto market is back with a bang on March 3 a Bitcoin hit a $95K high, while Ethereum, Solana , and XRP saw impressive gains between 9%-25%.
The global crypto market cap increased by over 8% in the last 24 hours, crossing $3 trillion again. Market volume also jumped 141%, reaching $185.95 billion.
XRP, SOL ADA In Crypto Reserve!
On Sunday, Trump took to social media to announce that he had signed an order which “directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA”. Bitcoin dominance dropped from 55.4% to under 50% after President Trump initially announced that XRP, Solana, and Cardano would be part of the Reserve.
About an hour later, he revealed that BTC and ETH would also be key players in the reserve. The price of ADA soared by more than 63% within two hours after the president’s post, while SOL increased by 23% and XRP by 32%.
Massive Gains in the Market
Notably, President Trump’s news of a Crypto Strategic Reserve holding Bitcoin, Ethereum, Solana, Cardano, XRP, and potentially more coins triggered massive gains across the crypto market. Bitcoin jumped 7.5%, Ethereum rose 10.2%, Solana surged 18.8%, Cardano skyrocketed 61.7%, and XRP soared 24.5%.
Notably, the top four performers in the last 24 hours (with a market cap over $1 billion) were Cardano, XRP, the Official Trump memecoin, and Solana. BNB had the smallest gain among the top 10 cryptocurrencies (excluding stablecoins), but still rose by 2.55%.
Meanwhile, the meme crypto market is also booming. Dogecoin rose 10% to $0.2272, Shiba Inu gained nearly 6% to $0.00001451, and Pepe Coin shot up 10% to $0.000008508.
Whales Buy 270M XRP, Trump Fuels Crypto Rally!
On chain analyst Ali Martinez shared that the whales bought over 270 million XRP in the last 48 hours, further cementing bullish sentiments. He also predicts that Ethereum is about to skyrocket. While BTC also recorded gains, he shared that Bitcoin could be rebounding like it usually does when it hits the 200-day MA, only to face a rejection later and break through it.
Nevertheless, Trump’s posts gave crypto prices a boost, reversing the sharp drop seen after his election surge. Over the weekend, Ether climbed 20% to $2,482, XRP jumped 38%, Solana rose 20%, and Cardano soared 78%. Furthermore, the rally could keep going right into Trump’s first White House Crypto Summit on Friday.
