Today, the broader digital asset market experienced an impressive jump. The incredible bounce back has been triggered by restored investor enthusiasm after US President Trump approved the creation of a strategic crypto stockpile that will include multiple cryptocurrencies besides Bitcoin.
As a result, the valuation of the wider market rose by 6.60% over the past 24 hours to currently standing at $3.03 trillion. The market’s transaction volume surged by 195.73% to currently sit at $205.96 billion. The fear and greed index currently rose to 33 from a low of 26, suggesting improved confidence in the market, though investors are still cautious.
Bitcoin climbs to 93K
Today, BTC renewed its price recovery currently trading at $92,369 after seeing an increase of 7.45% over the past 24 hours.
Bitcoin’s restored strength came after President Trump issued an executive order to establish a crypto strategic stockpile, which massively bolstered traders’ and investors’ optimism. This announcement suggests an official recognition of cryptocurrencies within the US monetary system.
Altcoin market rebound
Most tokens in the altcoin market also surged following Trump’s announcement of the new US strategic reserve that would hold multiple cryptocurrencies.
After the announcement, Ether surged 13%, currently trading at settled at $2,368. Others like Cardano, XRP, and Solana also recorded significant rises of 47.76%, 17.48%, and 11.93% respectively over the past 24 hours.
Top news
Here are the top news that happened in the wider cryptocurrency market today:
First, the new US strategic crypto reserve, as highlighted above, will include five cryptocurrencies, namely, Bitcoin, Ethereum, XRP, Solana, and Cardano. This signifies a change from the prior plan of creating a Bitcoin-only reserve. Market analysts expect the move to motivate other international countries to create their crypto reserves. This trend would hasten mainstream cryptocurrency integration and enable people to move further towards a digital economy.
Secondly, Ronaldinho, a former Brazilian footballer, made his entry into the Web3 landscape after launching his meme coin, STAR10 token, on the BNB Smart Chain.
Elsewhere, Cronos issued a proposal to recirculate 70 billion CRO tokens burned over the past five years into a strategic stockpile custody wallet. However, the proposal has received mixed reactions from the crypto community, with some people raising concerns about their impact on CRO prices.
Top gainers
Today, PHNIX (PHNIX) emerged as the best performer with a massive rise of 47.80% over the past 24 hours. It was followed by Alchemist AI (ALCH), which recorded a price rise of 43% over the period.
While Butthole Coin (BUTTHOLE) came third with a price surge of 39.8%, Ski Mask Dog (SKI) settled on position four with an increase of 36.7%. Lastly, Ava AI (AVA) wrapped today’s top gainers’ list with a record growth of 34.3% over the past 24 hours.
