After days of suppressed price action, Bitcoin finally made a significant move yesterday evening, skyrocketing by ten thousand dollars from top to bottom.
Many altcoins experienced even more impressive gains, especially those highlighted by President Trump.
BTC Soars by $10K
It was a challenging week for the leading cryptocurrency as it plummeted from $96,000 on Monday to $78,000 by Friday morning. This drop occurred amidst Trump’s escalating trade war with several countries, concerns over rising inflation, and other potential catalysts.
After shaking out billions in over-leveraged positions, BTC began to recover on Friday afternoon, jumping to $84,000. The weekend started off calmly, with Bitcoin holding steady around $84,000 to $86,000.
Then, the market turned around favorably following another announcement from US President Trump. He confirmed that his administration would work on the anticipated US Crypto Reserve, sending ripples of excitement through many altcoins and eventually impacting Bitcoin as well.
Bitcoin had retraced slightly to $85,000 but surged by $10,000 to reach $95,000 within hours. While it has since lost some momentum, it remains well above $92,000 at the time of writing. Its market capitalization has soared to $1.840 trillion, and its dominance over alternative coins remains robust at over 58%.
Biggest Alt Gainers
The trio of crypto assets that were mentioned by Trump—SOL, ADA, and XRP—saw their prices skyrocket the most just minutes after the announcement gained traction.
Although many have pulled back from their respective local peaks, the daily price gains are still significant and remarkable. ETH has increased by almost 5%, sitting above $2,350. DOGE is nearing $0.22, while SOL, ADA, and XRP remain up by double digits. LINK and AVAX also round out the list of top gainers among larger-cap altcoins.
Conversely, BNB and LTC have faced declines of 1% and 4%, respectively, potentially due to their omission from Trump’s remarks.
The total cryptocurrency market capitalization surged by $300 billion since last Sunday’s lows following the announcement, now exceeding $3.15 trillion.
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