The crypto market is on a strong run again, with a total market value of $3.01 trillion. The trading volume has dropped by 16% to $121.58 billion over the same period, but Bitcoin dominance is giving hope as it rises by 60%.
With crypto currency like Ethereum, xrp also gaining in price The overall market is up 5%. The top boss bitcoin is up 4%, ethereum 3.5%, XRP 7%, SOL 5.5% and so on…
What is the reason for this surge? Well, the news about President Donald Trump’s crypto reserve is still adding some excitement to the market. The president on Sunday said the government would set up a strategic reserve of digital assets, including Bitcoin, Ethereum, XRP, Solana, and Cardano. Investors are seeing this as a good sign since the government is starting to patronize crypto assets.
Moreover, Bitcoin, the largest cryptocurrency, has seen an increase in Holders. In the last two weeks, 4,375 new wallets have been created. Each of the wallet hold at least 1 BTC, which brings the total to nearly one million, according to Crypto analyst, Ali Chart. This pushes the price higher.
Meanwhile, Bitcoin has recovered by 4% over the last 7 days from a low of $79,634 on Feb 28 to now trading at $89,640.
The President’s trade policy is also taking effect. He recently announced a 30-day delay on a 35% tariff on auto imports from Canada and Mexico. This is going to calm the global market, including stocks, which in turn will boost confidence in the cryptocurrency market. This is because investors often turn to digital assets when financial markets are uncertain.
Additionally, the U.S dollar is weak at the moment. The dollar index has fallen by 3.211% over the last four days. A weaker dollar often pushes investors to look for alternative assets like Bitcoin to invest in.
This recent surge might be minimal, but the upcoming Cypto Summit scheduled for tomorrow at the White House will definitely give some direction to the market. President Donald Trump is hosting this event himself.
Also Read: Top Crypto To Watch Out For as Trump Hosts Crypto Summit
