The world of cryptocurrency experienced a significant boost after Bitcoin, along with several other digital currencies, witnessed substantial gains. According to a report, Bitcoin’s value has surged by over 20% from recent lows encountered in November 2024. The price of Bitcoin had been trading around US$94,154, a notable increase from Friday’s US$78,273.

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This surge was driven by an announcement from former US President Donald Trump. He revealed plans concerning a strategic reserve comprising digital currencies like Bitcoin, Ethereum (ether), XRP, Solana, and Cardano, as per his post on Truth Social. The announcement comes as part of a January executive order aimed at establishing a stockpile of these cryptocurrencies. This news appears to have assuaged fears regarding potential regulatory crackdowns, breathing new life into a crypto market that had seen declines since mid-January.

A detailed analysis of market data shows that other cryptocurrencies also experienced notable upswings over the weekend. Ethereum reported a growth of about 20%, trading at US$2,482. Meanwhile, XRP saw a significant increase of 38%, with Solana and Cardano recording gains of 20% and 78%, respectively, according to data from IndexBox.

The announcement has sent ripples across the cryptocurrency market, rejuvenating investor interest and speculations on the long-term implications of the US government’s involvement and potential cryptocurrency reserves.

Source: IndexBox Market Intelligence Platform