Crypto Market Gains 340B After Trump Mentions 5 Cryptos for Strategic Reserve

• Crypto market cap rose by more than $340 billion within less than 24 hours. 
• Trump’s new announcement mentioning 5 cryptocurrencies in crypto strategic reserve is behind the market surge. 

The crypto market is surging with renewed hope after the US President Donald Trump mentioned 5 top cryptocurrencies in his announcement. Trump revealed plans to include XRP, SOL, ADA, and other valuable cryptocurrencies in the US crypto strategic reserve yesterday. As a result, the crypto market cap increased by around 340 billion within a few hours. 

The crypto market cap value that recorded around $2.81 trillion in the Asian evening hours yesterday gained more than 340 billion within a few hours. It reached a peak of $3.15 trillion and is currently hovering around $3.04 trillion. While overall market cap surged by 6.94%, the top 100 cryptocurrencies on CMC recorded 7.41% combined growth in the last 24 hours. 

Yesterday, Donald Trump posted on his official Truth Social account that a crypto reserve will take the industry to new heights. Trump also stated that the crypto strategic reserve will include XRP, SOL, and ADA. In a later post he mentioned that BTC and ETH will be included along with other valuable cryptocurrencies. 

Trump’s announcement brought a new life into the market, making the prices go higher. While the Bitcoin price surged by more than 7%, ETH witnessed a 5% rise. Other altcoins mentioned by Trump, XRP, SOL, and ADA surged by 16%, 12%, and 47% respectively. Since the broader crypto market mimics the price of Bitcoin several other altcoins and memecoins’ prices are also increasing. 

Market Sentiment is Still in the Fear Zone Despite the Upsurge

The crypto fear and greed index reads 39 today, indicating “Fear” market sentiment. When the BTC price fell into the $80K zone, the fear and greed index read 20 in the last week. Despite the present market upsurge, the overall market sentiment didn’t seem to improve. However, it came close to the “Neutral” market sentiment. 

Even though Trump improvised his previous plan to create a Bitcoin strategic reserve, some of the industry leaders are criticizing the announcement, saying they are just words and nothing new. 

Coinbase CEO Brian Armstrong stated that only Bitcoin would be the best option to create a crypto reserve as a successor to gold. Nonetheless, creating a crypto reserve in the US will be a huge thing for the further development and adoption of crypto. 

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