The cryptocurrency market is experiencing a strong surge, with a total market value of $3.01 trillion. Despite a 16% drop in trading volume to $121.58 billion, Bitcoin dominance is on the rise, increasing by 60%. Other cryptocurrencies like Ethereum, XRP, and SOL are also seeing price gains, contributing to an overall market increase of 5%.
One of the key factors driving this surge is the news about President Donald Trump’s announcement of a strategic reserve of digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano. This move by the government to support crypto assets has sparked excitement among investors and is seen as a positive development for the market.
Furthermore, the increase in Bitcoin holders is also contributing to the price surge. In the last two weeks, 4,375 new wallets holding at least 1 BTC each have been created, bringing the total number of holders to nearly one million. This influx of new holders is pushing the price of Bitcoin higher.
Additionally, President Trump’s trade policy, including a 30-day delay on a 35% tariff on auto imports from Canada and Mexico, is expected to calm the global market and boost confidence in the cryptocurrency market. The weakening of the U.S dollar, with a 3.211% decrease in the dollar index over the last four days, is also driving investors towards alternative assets like Bitcoin.
While the recent surge in the cryptocurrency market may be minimal, the upcoming Crypto Summit scheduled for tomorrow at the White House is expected to provide further direction. President Trump himself is hosting the event, which is likely to have a significant impact on the market.
Overall, the cryptocurrency market is experiencing a period of growth and excitement, fueled by government support, increasing Bitcoin holders, favorable trade policies, and a weakening U.S dollar. The outcome of the Crypto Summit tomorrow will be closely watched by investors to determine the market’s next move.