Some altcoins outperformed the broader cryptocurrency market as Bitcoin staged a significant rebound above the $90,000 psychological level, driven by positive news on crypto adoption in the United States.
Cardano’s (ADA) token was the biggest gainer among the 100 largest cryptocurrencies, rising over 43% in the 24 hours leading up to 10:15 am UTC on March 3 to trade above $0.95, Cointelegraph Markets Pro data shows.
ADA/USD, 1-month chart. Source: Cointelegraph
Solana (SOL) and XRP (XRP) also staged significant rallies, with XRP rising over 15% and SOL rising nearly 12% on the daily chart, outperforming Bitcoin’s (BTC) 7.3% intraday rise.
ADA, SOL, XRP, 1-day chart. Source: Cointelegraph
The rally came nearly a day after US President Donald Trump announced that his Working Group on Digital Assets had been directed to include these three altcoins in the US crypto strategic reserve.
According to Marcin Kazmierczak, co-founder and chief operating officer of blockchain oracle provider RedStone, this was the key driver behind the rally:
“The primary reason [behind the rally] is Trump including these three coins in the US reserves. Soon after he followed with a tweet confirming BTC and ETH would obviously be the core of the reserve.”
However, he added that community support also played a role, particularly for ADA and XRP, which already had strong followings that could attract more retail investors.
Source: Jamie Coutts
The current crypto market recovery may signal the end of the previous market capitulation, which saw 24% of the top 200 cryptocurrencies fall to one-year lows, Cointelegraph reported on Feb. 20.
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ADA, SOL, XRP first altcoins to be included in potential US crypto reserve
Juan Pellicer, senior research analyst at IntoTheBlock crypto intelligence platform, told Cointelegraph that Trump’s announcement may signal a significant turning point for the three altcoins:
“While the idea of a reserve had been floated before, this marks the first time specific altcoins were highlighted, suggesting that the plan extends beyond Bitcoin and likely emphasizes U.S.-based crypto projects.”
Related: Solana down 45% since Trump token launch as memecoins divert liquidity
Trump gave the keynote address at the Bitcoin 2024 conference in Nashville. Source: Cointelegraph
Trump previously promised to establish a “strategic national Bitcoin stockpile” at the Bitcoin 2024 conference in Nashville, Tennessee. Trump told the audience during his keynote speech:
“It will be the policy of my administration — the United States of America — to keep 100% of all the Bitcoin the government currently holds or acquires into the future. We will keep a hundred percent.”
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