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Bitcoin (BTC) experienced an explosive price surge over the weekend, reaching a high of $93,722 after a surprise announcement from U.S. President Donald Trump regarding a strategic crypto reserve. The move, which included Bitcoin, Ethereum (ETH), XRP, and other altcoins, sent shockwaves through the crypto market, driving valuations significantly higher.
Trump’s Crypto Endorsement Fuels Market Rally
Data from Cointelegraph Markets Pro and TradingView showed an 8% BTC price gain, marking an unexpected weekend volatility spike. Trump’s social media posts on Truth Social initially mentioned XRP, Solana (SOL), and Cardano (ADA) as key reserve assets. However, in a follow-up post, he explicitly included BTC and ETH, stating: “I also love Bitcoin and Ethereum!”
This endorsement ignited bullish sentiment, leading to a rapid market surge. The reduced liquidity over the weekend amplified price movements, pushing BTC/USD near $92,000 on Bitstamp.
XRP Surpasses Ethereum by Fully Diluted Valuation
One of the biggest surprises came as XRP surpassed ETH in fully diluted valuation (FDV), signaling a major shift in market dynamics. This milestone highlights the increasing confidence in XRP amid its ongoing legal battle with the SEC and growing institutional interest.
Market Analysts Predict Further Upside
Renowned trader Michaël van de Poppe weighed in on the sudden market shift, calling it a turning point: “The last crash was likely a massive manipulation to allow smart money to accumulate BTC and ETH. The bottom is in for altcoins, and the final easy cycle has begun.”
Rekt Capital, another respected analyst, emphasized the importance of Bitcoin reclaiming the $93,500 level on a weekly close, stating that BTC has almost fully recovered from its previous downside deviation. If the cryptocurrency successfully secures this level, it could confirm the start of a new bullish cycle.
With Bitcoin surging and XRP making history, the crypto market is entering a pivotal phase. Investors will be closely watching BTC’s next move, as reclaiming $93,500 could open the doors for further price discovery and a potential continuation of the bull market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
