Bitcoin dominance has dropped from 55.4% to under 50% following US President Donald Trump’s initial announcement that XRP, Solana, and Cardano would be included in the country’s “Crypto Strategic Reserve.”
Trump later confirmed on Truth Social that Bitcoin (BTC) — along with Ether (ETH) — would be “central to the reserve,” although his addition of altcoins left many Bitcoin enthusiasts, and even a notable Bitcoin critic, feeling displeased.
Bitcoin’s dominance now stands at 49.6%, as cryptocurrencies like Cardano (ADA) and XRP (XRP) have surged by 60.3% and 34.7%, respectively, in the past 24 hours.
During the same period, Solana (SOL) and Ether have risen by 25.5% and 13.1%, respectively, while other altcoins not explicitly mentioned in Trump’s announcement have also seen gains. Meanwhile, Bitcoin itself climbed just 10% to $94,220.
Bitcoin dominance percentage compared to other major cryptocurrencies. Source: CoinGecko
The Trump administration’s decision to avoid a Bitcoin-only reserve caught some off guard, including Bitcoin critic Peter Schiff, who questioned the logic behind including altcoins.
“I understand the reasoning for a Bitcoin reserve,” Schiff stated. “I don’t agree with it, but I understand it. We maintain a gold reserve. Bitcoin is digital gold and superior to physical gold. So, let’s establish a Bitcoin reserve too.”
“But what’s the justification for an XRP reserve? Why would we need that?”
Source: Peter Schiff
On another note, Jeff Park, head of alpha strategies at Bitwise, described it as a “massive political misstep by Trump, underestimating the importance of focusing the Strategic Reserve solely on Bitcoin.”
“The only crypto asset that logically belongs in a country’s strategic reserve is Bitcoin,” stated Nick Neuman, CEO of Bitcoin custody solution Casa.
“Infinite supply digital assets — especially those with no utility — do not meet the criteria.”
Others, like Pierre Rochard, vice president of research at Bitcoin mining firm Riot Platforms, suggested the Crypto Strategic Reserve will “naturally evolve into being Bitcoin-only” as altcoins depreciate in value relative to Bitcoin.
Related: Bitcoin isn’t a worthy reserve asset, Swiss National Bank president says: Report
The Crypto Strategic Reserve is the result of weeks of assessment by the President’s newly established Working Group on Digital Assets, led by executive director Bo Hines and David Sacks, who serves as the White House’s AI and crypto czar.
Trump is set to host the inaugural White House Crypto Summit on March 7, inviting industry leaders to deliberate on regulatory frameworks and stablecoin oversight, chaired by Sacks and managed by Hines.
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