Just three days ago, Bitcoin was in a sharp decline, falling below $80,000. However, in a dramatic reversal, the leading cryptocurrency has surged by over $14,000, or 20%, fueled by Donald Trump. Over the weekend, the president revealed plans to establish a crypto reserve — to include Bitcoin, Ether, Solana, XRP, and Cardano — injecting new momentum into the sluggish market.
Here’s a look at what the week holds for these cryptocurrencies:
Bitcoin exchange-traded funds (ETFs) experienced significant outflows in February, indicating a shift in investor sentiment. Trump’s announcement has sparked mixed reactions from experts, with its potential impact remaining uncertain.
Currently, Bitcoin is trading at $92,000, a 5% daily gain but a 4% dip over the past seven days.
Ether, the second-largest cryptocurrency by market value, is following Bitcoin’s trend, including a lack of significant growth in recent months. Despite hosting hundreds of decentralized applications (dApps), the Ethereum blockchain still struggles with high fees and slow transaction speeds.
Additionally, Ether ETFs have also seen substantial outflows due to weak demand.
Currently, Ether is trading at $2,297, a 14% slide in the past seven days.
Solana is one of the fastest-growing major cryptocurrencies. It competes with Ethereum in terms of speed and has emerged as a strong platform for hosting hundreds of decentralized applications (dApps). Several popular memecoins were developed on the Solana blockchain.
Following the successful launch of Bitcoin and Ether ETFs, there are strong indications that Solana ETFs may be launched soon. Several asset management companies have already submitted applications.
Currently, Solana is trading at $158, representing a fall of 5% over a week.
XRP continues to be worth watching as the Securities and Exchange Commission has officially begun reviewing the proposed XRP exchange-traded fund (ETF).
XRP is the native token of the XRP Ledger, an open-source blockchain. It is used by the Ripple payment network to facilitate cross-border transactions and is designed to act as a bridge currency.
Currently, XRP is trading at about $2.60, representing a gain of 8% in a week.
Cardano has been rising since Trump’s reelection amid unconfirmed rumors that its founder, Charles Hoskinson, may join the Trump administration. The SEC has formally acknowledged the Cardano ETF proposed by Grayscale.
Currently, Cardano is trading around $0.96, up more than 34% over the past seven days.