Why is Crypto Going Up Today: Markets Rally Ahead of Trump Meeting, Alt Season Soon?

TLDR

• Trump to host White House Crypto Summit on March 7, 2025, bringing together industry leaders and policymakers
• Cryptocurrency market has rebounded with total market cap reaching $3 trillion, a 5.97% increase
• Bitcoin trading at $91,427.84 (up 6.62%), Ethereum at $2,348.57 (up 6.01%), and ADA showing massive 42.76% surge
• Trump has proposed creating a U.S. Crypto Reserve including Bitcoin, Ethereum, Solana, XRP, and Cardano
• Spot Bitcoin ETF inflows reached $94.34 million daily, with cumulative total inflows at $36.94 billion

The cryptocurrency market has seen a strong rebound in recent days. This comes as investors look forward to the upcoming White House Crypto Summit. The event is scheduled for March 7, 2025.

President Donald Trump will host the summit. It will bring together industry leaders, executives, and policymakers. The goal is to discuss the future of digital assets in the United States.

The total cryptocurrency market cap has jumped to $3 trillion. This marks a 5.97% increase over the last day. Trading volumes have also seen a massive surge, reaching $200.18 billion.

Bitcoin, the market leader, is now trading at $91,427.84. This represents a 6.62% increase in the last 24 hours. Bitcoin’s market dominance has grown to 60.33%, showing its strong position.

Ethereum has also joined the rally. It is currently priced at $2,348.57, up 6.01%. Its market cap now stands at $283.22 billion.

Other altcoins have shown even more impressive gains. Cardano (ADA) recorded a 42.76% surge, now trading at $0.9441. XRP is up 14.16%, trading at $2.58.

Solana has seen an 11.52% jump. It is now trading at $159.16 with an $80.8 billion market cap. These gains show growing confidence across the entire crypto market.

A major factor driving this rally is Trump’s proposal for a U.S. Crypto Reserve. The plan would include leading digital assets such as Bitcoin, Ethereum, Solana, XRP, and Cardano. This announcement came after Trump had previously hinted at a Bitcoin reserve during the Bitcoin 2024 conference in Nashville.

The White House issued a statement about the upcoming summit. It indicated that the meetings would address electronic assets, regulatory frameworks, and economic guidelines. This has fueled optimism about clearer regulations.

Market analysts are watching key support levels. Bitcoin recently bounced from the $81,529 support but faced resistance at $90,000. The Relative Strength Index (RSI) stands at 53.97, signaling neutral momentum.

For Ethereum, analysts suggest that sustained bullish activity may drive the price above $3,000. This would mark a 30% rise from current levels. The digital asset secured support at $2,150, fueling expectations of a stronger rebound.

XRP is holding above a critical support trend. Analysts highlight its strong consolidation above Fibonacci 0.888, aligning with historical patterns. Some experts suggest XRP’s next move could target $8.5 to $13, with a potential Fibonacci 1.618 extension at $27.

Institutional interest in cryptocurrencies continues to grow. Spot Bitcoin ETF inflows have reached $94.34 million daily. The cumulative total inflows stand at $36.94 billion, while total net assets under management now amount to $95.38 billion.

The Fear and Greed Index currently stands at 33, in the “Fear” range. This is an improvement from yesterday’s reading of 26. Last week, the index was at 49 (Neutral), while last month, it showed 68 (Greed).

External factors may further boost the crypto market. Oklahoma has proposed buying $1.5 billion in Bitcoin. Russia is also evaluating a Bitcoin reserve, according to reports from Crypto Rover.

If ETF approvals for XRP, Dogecoin, and Litecoin materialize, the market could see an extended altcoin bull run. These developments, combined with the upcoming summit, have created a positive outlook for cryptocurrency investors.

However, market volatility remains high. A break above $90,000 could push Bitcoin toward $100,000. But failure to hold gains may lead to another drop toward $84,000.

It’s worth noting that even with a presidential executive order on crypto policy, changes would require approval from the House of Representatives. This legislative hurdle stands between proposals like zero capital gains tax on digital assets and their implementation.