Bitcoin and several altcoins experienced significant price surges following U.S. President Donald Trump’s announcement that the country would establish a Crypto Strategic Reserve. This reserve will include Bitcoin (BTC), Ether (ETH), XRP, Solana (SOL), and Cardano (ADA), fueling speculation and increased buying activity in the crypto market.
While Bitcoin initially struggled to keep up with the gains of altcoins, its price still rose by 10% to $94,220. Meanwhile, XRP surged 34.7%, ADA jumped 60.3%, and SOL increased by 25.5% as investors rushed to accumulate the selected assets.
Adding to Bitcoin’s momentum, BlackRock announced a 1-2% allocation of its $150 billion model portfolio into the iShares Bitcoin ETF Trust (IBIT), potentially increasing institutional demand.