The cryptocurrency market experienced a significant rally on Sunday, fueled by President Donald Trump’s announcement of a US strategic reserve for several major cryptocurrencies. Bitcoin (BTC) led the charge, surging over 9.5% to surpass $94,000, while other included assets like Ethereum’s ETH, XRP, Solana’s SOL, and Cardano’s ADA also saw substantial gains.
This unexpected announcement triggered a wave of liquidations for traders who had bet against the market, with losses totaling nearly $600 million. Cardano’s ADA saw a remarkable 60% increase in the past 24 hours, while XRP and Solana’s SOL jumped 25%. Bitcoin’s 9% rise pushed it past the $93,000 mark in early Asian trading hours on Monday.
Market analysts attribute the surge to a combination of factors, including President Trump’s endorsement of the selected cryptocurrencies and the relatively low liquidity typical of Sunday trading. This lower liquidity environment meant that comparatively smaller amounts of capital could trigger larger price swings.
Data from Coinglass reveals that futures tracking ADA, XRP, and SOL each registered over $70 million in liquidations, reaching their highest levels since September 2024. Bitcoin-tracked futures saw the most significant losses, exceeding $344 million, followed by ETH-tracked futures with $170 million in liquidations.
According to CoinMarketCap, here’s an analysis of the price changes in the last day for the top 5 cryptocurrencies:
- Bitcoin (BTC): Increased by 6.50% to $91,264.29.
- Ethereum (ETH): Increased by 5.92% to $2,344.23.
- XRP: Increased by 14.50% to $2.58.
- Tether (USDT): Increased by 0.01% to $0.9998.
- Binance Coin (BNB): Increased by 1.66% to $597.71.
The surge in prices has also led to a significant increase in open interest for XRP, ADA, and SOL futures, suggesting that traders anticipate continued volatility in the coming days. While the market sentiment has shifted towards bullishness, some traders remain cautious, awaiting more concrete details about the strategic reserve plans.
This unexpected rally has injected renewed optimism into the crypto market, particularly after last week’s downturn driven by macroeconomic concerns. However, the long-term impact of President Trump’s announcement remains to be seen, and market participants are closely watching for further developments.
Shogun Lin
