The cryptocurrency market is seeing a revival, with Bitcoin showing impressive gains after emerging from its winter slump.
On March 3, the world's largest digital asset surged by more than 20% from the previous week's lows, along with other cryptocurrencies that would be included in the new US strategic crypto reserve, according to US President Donald Trump.
Earlier on social media platform Truth Social, Trump announced the creation of a national strategic cryptocurrency reserve that would include Bitcoin, Ethereum, XRP, Solana, and Cardano. This news triggered a sharp rise in the mentioned coins. The US leader also stated that Bitcoin and Ethereum would form the foundation of the reserve.
Following the announcement, Bitcoin soared by 20% from its November lows. Sentiment towards the flagship asset improved sharply, partially offsetting its decline since mid-January 2025.
Bitcoin later traded near $93,000, slightly easing its momentum. The coin even peaked at $95,283 before pulling back a bit. On February 28, BTC briefly dropped to $78,651, marking its lowest point since November 2024.
Meanwhile, Ethereum rose by 10% to settle at $2,426. XRP gained 31%, Solana added 15%, and Cardano skyrocketed by 69%. "Trump just gave the pump that crypto traders have been holding out for," Matt Simpson, senior market analyst at City Index, said.
"Any faith that was lost last week appears to have been restored," Simpson added. There is a high probability that the crypto market could reach new highs, barring another wave of sell-offs in risky assets. Chris Weston, head of research at Pepperstone, believes that Bitcoin's rally could continue after the first White House crypto summit scheduled for March 7.
Notably, in February, Bitcoin fell by over 17%, marking its largest monthly decline since June 2022. As a result, the flagship asset lost more than a third of its value after reaching its January peak of $109,000.
