Bitcoin, ADA, XRP, Ethereum, SOL: Why Are Crypto Prices Rising Today? – News18
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Major cryptocurrencies surged after Donald Trump announced Bitcoin, Ether, XRP, Solana, and Cardano would be in a US cryptocurrency reserve. The market rose 10%, adding $300 billion in value.
The total crypocrurency market has risen about 10% or more than $300 billion post the hours of Trump’s announcement.
Crypto Currency Prices Rising: Major cryptocurrencies experienced significant gains in the past 24 hours following a social media announcement by former US President Donald Trump. Trump stated that five digital assets – Bitcoin, Ether, XRP, Solana, and Cardano – would be included in a strategic US cryptocurrency reserve.
This announcement spurred a surge in the total cryptocurrency market, which rose by approximately 10%, adding over $300 billion in value.
Bitcoin’s price increased by 8% in the 24 hours following the announcement, reaching over $92,000 on coinmarketcap.com. XRP saw a significant 28% increase, approaching the $3 mark.
Ethereum, currently the second-largest cryptocurrency by market cap, experienced an 11.14% jump, surpassing $2,400.
Solana, another cryptocurrency included in Trump’s plan, rose by 20% to reach $173.24, while Cardano saw a remarkable 61% increase, hitting the $1 mark.
Trump’s plan for a US Cryptocurrency Reserve, revealed on Truth Social, expands on a January executive order regarding digital assets. The specific cryptocurrencies to be included in the reserve had not been publicly disclosed until this recent announcement.
In a subsequent post, Trump emphasized the importance of Bitcoin and Ethereum, stating that they, along with other valuable cryptocurrencies, would form the core of the reserve.
Trump has actively sought support from the crypto industry for his 2024 election campaign, reciprocating with support for crypto-related policies. He is scheduled to host the first White House Crypto Summit on Friday, and his family has launched their own cryptocurrency coins.
Under Trump’s administration, the Securities and Exchange Commission (SEC) has ceased investigations into several cryptocurrency companies and dropped a lawsuit against Coinbase, the largest US-based crypto exchange.
