Crypto Market Surges 7% on Trump's White House Summit

The crypto market has staged a remarkable comeback today, with a 7.19% increase in its market capitalization to $2.84 trillion. This bullish move comes on the heels of news that former U.S. President Donald Trump will host the first crypto summit at the White House on March 7. Despite the impressive rally, trading volumes remain nearly unchanged at $149.17 billion, indicating a cautious investor sentiment. This is further reflected in the Fear & Greed Index, which has dropped to a score of 20, suggesting a continued sense of fear among market participants.

Bitcoin, the world's largest cryptocurrency, has led the charge with a 7.76% surge to $85,820, bringing its market capitalization to $1.7 trillion. BTC dominance stands at 60.06%, solidifying its stronghold in the crypto market. This latest rally has sparked debate among investors and analysts, with some questioning whether this marks a true recovery or a potential bull trap before another correction.

Major altcoins have also followed Bitcoin's bullish lead. Ethereum (ETH) has risen by 6.87%, while XRP has surged by 9.07%. However, Solana (SOL) has stood out with a remarkable 14.44% increase, reflecting renewed investor interest in high-performing altcoins.

Among the top 100 gainers, TIA (+22.61%), HBAR (+21.33%), and TRUMP (+20.29%) have posted impressive gains. On the losing side, NEXO (-0.95%) and XAUt (-0.26%) have recorded minor losses, standing as the weakest performers in an otherwise bullish day.

As the market continues to show strong momentum, investors are closely watching to determine whether this rally is a sign of a long-term recovery or a short-term bull trap. While the market is showing promising signs, the Fear & Greed Index suggests caution, indicating that traders remain wary of the market's volatility and potential risks.