The cryptocurrency market soared Sunday after President Donald Trump announced the inclusion of blue-chip coins in a U.S. strategic cryptocurrency reserve.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Bitcoin BTC/USD | +8.82% | $93,653.92 |
| Ethereum ETH/USD | +12.07% | $2,482.58 |
| Dogecoin DOGE/USD | +14.82% | $0.2362 |
What Happened: Bitcoin soared past $95,000, rebounding losses from Friday’s dramatic plunge below $80,000.
Similarly, Ethereum clocked double-digit gains to rise above $2,500, following a brutal February that saw the second-largest cryptocurrency plunge more than 31%.
The rally came after Trump announced a cryptocurrency strategic reserve through his Truth social account that will hold some of the market's most valued and popular coins.
Initially, the post just mentioned XRP XRP/USD, Cardano ADA/USD, and Solana SOL/USD, sending these coins skyrocketing.
However, after a couple of hours, Trump said Bitcoin and Ethereum would be at the "heart" of the reserve and that he loves the two assets.
The rally liquidated $813 million from the cryptocurrency market in the last 24 hours, with $545 million in short positions getting hammered.
Bitcoin's Open Interest jumped 7.26% in the last 24 hours. Meanwhile, 55% of traders on Binance were positioned long on the apex cryptocurrency, suggesting more upsides in the offing.
The Crypto Fear and Greed Index improved from "Extreme Fear" to "Fear" on this news.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:30 p.m. ET) |
| Cardano (ADA) | +70.39% | $1.12 |
| XRP (XRP) | +32.17% | $2.88 |
| IOTA (IOTA) | +27.98% | $0.2627 |
The global cryptocurrency market capitalization stood at $3.12 trillion, surging 10.57% in the last 24 hours.
Stock futures ticked lower Sunday evening. The Dow Jones Industrial Average Futures fell 47 points, or 0.11%, as of 8 p.m. EDT. Futures tied to the S&P 500 dipped 0.10%, while Nasdaq 100 Futures lost 0.10%.
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Analyst Notes: In a note to Benzinga, Chris Kline, COO and Co-Founder of BitcoinIRA, said Trump's announcement and its implementation would "fuel cryptocurrency prices overall headed into spring."
"I wouldn’t be surprised to see Bitcoin reach $100,000 again soon. Perhaps we’ll even witness new all-time highs later this month if this positive momentum continues and market sentiment remains strong," Kline predicted.
Widely followed cryptocurrency analyst Ali Martinez observed that Bitcoin's bull run was intact, according to the Adjusted Spent Output Profit Ratio indicator.
Note that the indicator reflects the degree of realized profit and loss for all coins moved on-chain.
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