Bitcoin, Ethereum, Dogecoin Spike Amid High Hopes From White House Crypto Summit: This Analyst Has Some Good News For Those 'Patiently Holding' Their ETH

Bitcoin, Ethereum, and Dogecoin have all experienced significant price spikes in recent days, with investors and analysts alike expressing optimism about the long-term prospects of these cryptocurrencies. The upcoming White House Crypto Summit, scheduled to be hosted by President Trump, has contributed to the bullish sentiment, as industry leaders and investors anticipate favorable regulatory changes and increased adoption. As the crypto market continues to evolve, analysts like Ali Martinez and Peter Brandt offer contrasting views on Ethereum's future, with Martinez predicting a price surge to $10,000 and Brandt warning of a potential bearish pattern.

The crypto market capitalization surged by nearly 11% to $2.75 trillion on Thursday, March 6, 2025, erasing all the gains made on Sunday, March 5, 2025, after President Donald Trump's crypto reserve announcement. Bitcoin (BTC) continued its upward trajectory, briefly reaching $102,000 before a marginal drop to its current level of $101,482. Ethereum (ETH) registered a marginal decline over the past 24 hours but remained above $3,300 and could see a potential recovery. Meanwhile, Ripple (XRP) continues to set the market alight and is up over 8%, trading around $3.32, with bulls eying the $3.50 level. Solana (SOL), Cardano (ADA), Dogecoin (DOGE), Hedera (HBAR), Polkadot (DOT), and Litecoin (LTC) also registered substantial gains.

The altcoin market lit up with trading activity, pushing prices higher. The altcoin market registered an increase of $88 billion on Thursday, indicating investors were pivoting towards altcoins as BTC and ETH stalled. The shift in focus towards altcoins also heralds high-risk trading and speculative demand. Ripple (XRP) surged past $3 to its current level of $3.32, with analysts attributing its rally to declining US core inflation, increasing expectations of a Federal Reserve rate cut, and anticipation around new spot ETFs. Meanwhile, Litecoin (LTC) went past $130 for the first time in 2025, thanks to a jump of almost 16% over the past 24 hours. LTC's bullish streak can be attributed to growing hopes that the Securities and Exchange Commission (SEC) will approve a spot for the Litecoin ETF applied by Canary Capital. Bloomberg ETF analyst Eric Balchunas pointed out that the SEC had sent comments to Canary, indicating potential approval. Alexander Blume, CEO of Two Prime Digital Assets, stated, "Retail investors [are] looking for opportunities as a new pro-crypto administration gets ready to roll in. The Trump administration is a rising tide that will lift all boats in crypto, and altcoins are seeing some early gains from this."

BlackRock has said Bitcoin (BTC) and other cryptocurrencies could see an unprecedented surge under the Donald Trump administration. According to the asset manager's ETF and index instruments Chief Investment Officer Samara cohen, crypto deregulation could propel BTC to stratospheric levels in 2025. "There will be progress made on... FIT21 [“Financial Innovation and Technology for the 21st Century Act.] There will be progress made on stablecoins. There will be progress made just on definitions in taxonomy." Cohen is widely credited as the brains behind BlackRock's iShares Bitcoin Trust (IBIT), up a staggering 114% since its debut in January 2024. However, despite the ETF and crypto's stellar performance in 2024, Cohen warned investors must prepare for volatility. "Bitcoin is a risky asset. So, 15% in the context of Bitcoin is not an enormous move. Investors should expect volatility. But in the long term, the price of bitcoin is really going to be determined by the level and pace of adoption."

Bitcoin (BTC) Dips 10% As Crypot Reserve Euphoria Fades Bitcoin (BTC) has been down nearly 10% over the past 24 hours as growing trade tensions and tariffs against Canada and Mexico have weighed on investor sentiment. BTC kept declining until it slipped below $90,000, slipping to its current level of $84,190. ETH, ADA, SOL, and XRP also registered substantial declines. Forexlive manager Adam Button stated, "Everything is getting sold. There's a de-risking that's unfolding among crypto investors." The downturn began after Trump reaffirmed tariffs against Canada and Mexico, both of which have vowed to retaliate. Button believes fears surrounding an impending trade war were intensified by concerns over US economic growth, expected to slow during the first quarter. Industry Leaders Not Happy With Inclusion Of ADA and XRP In Reserve Crypto industry leaders were not pleased with including XRP, ADA, and even SOL in the crypto strategic reserve. Industry experts questioned their inclusion, arguing that they lack developer activity and decentralization, as seen in BTC and ETH. Trump signed an executive order in January to explore a strategic digital asset reserve, with the language revolving around the potential creation of a digital asset stockpile. Trump is also set to host the inaugural White House Crypto Summit and is scheduled to deliver remarks to crypto founders, CEOs, and investors. Crypto Czar David Sacks will chair the summit. While the news set the value of the assets in question skyrocketing, it was also met with heavy criticism, with Castle Island Ventures General Partner Nic Carter, stating, "It's not the job of the government to run an ersatz crypto hedge fund. It's not their job to pick winners and losers." According to Harrison Seletsky, director of business development at digital identity platform SPACE ID, the inclusion of SOL and ETH makes sense because of their robust and growing developer activity. However, he added that ADA and XRP are virtually ghost chains compared to ETH and SOL, with the total value locked and stablecoin capabilities on XRPL and Cardano being negligible compared to other ecosystem players. "In my eyes, it somewhat delegitimizes the whole idea of crypto reserve assets like industry mainstays bitcoin, ether, and Solana." Two Prime Digital Assets CEO Alexander Blume called XRP, ADA, and SOL tech companies that happen to have a cryptocurrency. "They are very centrally controlled, and ownership is also highly concentrated. These products are constantly changing and adapting to the market whereas BTC is a decentralized product with no single group of owners or controllers and is more akin to gold."

White House AI And Crypto Czar Confirms Crypto Exit White House Crypto and AI Czar David Sacks has confirmed he sold all his cryptocurrency holdings before joining the Trump administration. Sacks is a well-known investor and entrepreneur who has played a significant role in the tech and finance sectors. He co-founded Craft Ventures, a venture capital firm that has invested in several technology startups and financial firms, including Bitwise Asset Management, which focuses on crypto investments. The confirmation came amid growing speculation about his crypto holdings and potential conflict of interest following his appointment. The decision to liquidate his crypto holdings was part of his efforts to comply with ethics regulations and avoid a conflict of interest. Sacks also addressed criticism from a Community Note on X, claiming he had indirect investments in crypto through Bitwise Asset Management. The Community Note stated, "David sold his direct holdings, but he still has large indirect holdings because he is an investor in Bitwise Asset Management." However, Sacks responded to the note, stating, "This community note is incorrect. I sold all my direct holdings, and I have no indirect holdings in crypto."

Bitcoin (BTC), Dogecoin (DOGE), and Ethereum (ETH) show differing price trajectories. While Bitcoin continues to hold steady above the $100,000 level, concerns over a potential hidden downtrend emerge. Meanwhile, Dogecoin has made significant progress by breaking key resistance, and Ethereum struggles with a lack of momentum as it faces ongoing price suppression.

Bitcoin: Is a Hidden Downtrend Looming?
Despite recent strength, Bitcoin's price action might be indicating a covert downward trend. Although the cryptocurrency has achieved a higher high compared to late 2024, it has not decisively broken through the key trendline, which could signal a continuation of a downtrend. Bitcoin's inability to surpass its previous peak of approximately $110,000 has left its price action in a mixed zone. This lack of decisive movement creates uncertainty, especially with the volume profile not matching previous peaks, suggesting insufficient buying pressure.

However, Bitcoin continues to find support above the 50 EMA, which has offered some stability. If the price remains above this level, a breakout above the $110,000 threshold could signal a return to bullish momentum. On the other hand, failure to breach the trendline and a decline below the $100,000 mark could confirm a deeper correction in the coming days.

Dogecoin: Bullish Breakout Above Key Resistance
Dogecoin has recently made strides by breaking through a significant resistance level around $0.40. This marks a positive shift in the market sentiment surrounding the asset, especially as it attempts to surpass the 50 EMA,