U.S. Crypto Reserve Boosts XRP, ADA, SOL; Bitcoin Rallies
1min read Crypto markets witnessed a surge in XRP, ADA, and SOL prices following the announcement of a U.S. Crypto Strategic Reserve. The reserve, which aims to make the U.S. the "crypto capital" of the world, includes XRP, SOL, and ADA. The news sparked a significant rally, with XRP jumping 19%, SOL 16%, and ADA an astonishing 52%.
Despite the shift away from a Bitcoin-only reserve, the flagship crypto also saw an increase in its value. At press time, Bitcoin was trading at $93,107, up 9.03% over the past 24 hours. The recent market downturn has been challenging for all cryptocurrencies, with Bitcoin dropping by 20% over the past seven days. However, Binance founder Changpeng Zhao, also known as CZ, offered crucial advice for those affected by the market conditions. CZ emphasized the importance of "mental stability" and reducing positions to a level that can be handled.
Cardano (ADA) also saw notable trading activity on Saturday, March 1. Over the course of 24 hours, 144,718,287 ADA were traded on Binance, indicating active market participation from both whales and retail traders. The trading volume for the USDT/ADA pair surpassed that of the USDC/ADA pair. This large movement is attributed to investors' strategic repositioning ahead of likely price gains on ADA. The asset started recovering over the weekend, with the crypto strategic reserve announcement accelerating its rally. Analysts believe that the recent decision by Grayscale Investments to add Cardano to its Smart Contract Fund could further enhance investor confidence and potentially boost prices. However, despite the 52% price growth over the past 24 hours, ADA is still struggling to surpass the $1 mark, currently trading at $0.9897.
