Crypto market update: Bitcoin, Ethereum, Solana, XRP rise ahead of Trump’s crypto summit
The cryptocurrency market surged on March 6, adding nearly 4% in value as investor sentiment improved following US President Donald Trump’s announcement of a national crypto reserve.
This initiative, which includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, has fuelled optimism after February’s sharp decline triggered by trade war concerns.
With the total market capitalisation approaching $3 trillion, traders are closely watching Trump’s upcoming crypto summit at the White House.
The event, set for Friday, is expected to provide insights into the government’s evolving stance on digital assets.
Meanwhile, market indicators show increased participation, with rising futures open interest (OI) across major cryptocurrencies.
Bitcoin price climbs
Bitcoin’s price jumped nearly 5% in the past 24 hours, trading at $91,678. The leading cryptocurrency briefly peaked at $91,996.45 before stabilising.
Source: CoinMarketCap
The surge coincided with a 6.5% rise in BTC futures OI, reaching $50.83 billion, highlighting growing market confidence.
Bitcoin’s dominance in the market also climbed by 0.43% to 60.67%, outpacing altcoins and reaffirming its position as the primary driver of market momentum.
The recent rally suggests strong institutional and retail investor interest ahead of Trump’s summit, where regulatory clarity on crypto assets is anticipated.
Ethereum rises 5%
Ethereum followed Bitcoin’s upward trajectory, gaining over 5% over the past day to trade at $2,299. The asset fluctuated between $2,159.01 and $2,293.55, mirroring increased investor activity.
Source: CoinMarketCap
Ethereum’s futures OI rose by 6% to $20.03 billion, reflecting renewed market interest in the blockchain’s upcoming upgrades.
Ethereum’s recent performance has been bolstered by developers resolving key issues on the Sepolia testnet, paving the way for the highly anticipated Pectra upgrade.
With Ethereum’s market dominance at 9.2%, traders are closely monitoring its next move, particularly as broader bullish sentiment continues to influence prices.
Altcoins gain
XRP recorded a modest 1% gain, trading at $2.50, with an intraday range of $2.42 to $2.54. The token’s futures OI increased by 3.5% to $3.42 billion.
Source: CoinMarketCap
The rally comes amid reports of rising whale activity and an increase in active addresses on the XRP network. Speculation regarding the conclusion of Ripple’s lawsuit with the US Securities and Exchange Commission (SEC) has also contributed to market confidence.
Solana, another major altcoin, saw a 4% increase, reaching $149. The token’s price fluctuated between $140.60 and $149.64, driven by a 4% rise in futures OI.
Source: CoinMarketCap
With broader market trends favouring bullish activity, Solana continues to attract significant trader interest.
Meme coins and top movers
Meme coins also saw gains in line with broader market sentiment. Dogecoin (DOGE) climbed 5% to $0.2086, Shiba Inu (SHIB) gained 4% to $0.00001348, and Pepe Coin (PEPE) rose 3% to $0.000007152.
Meanwhile, several smaller altcoins recorded double-digit gains, highlighting increased speculation in the market.
Among the top gainers, Ondo (ONDO) and Cronos (CRO) both jumped 20%, trading at $1.18 and $0.08784, respectively. Movement (MOVE) rose 16% to $0.4677.
On the losing side, Story (IP) dropped 6% to $5.22, while Toncoin (TON) and Ethena (ENA) declined by 3% each.
As the market continues to navigate regulatory and macroeconomic developments, investor sentiment remains cautiously optimistic.
The fear and greed index still indicates ‘fear’ in the market, which some traders interpret as a potential buying opportunity. All eyes now turn to Trump’s crypto summit, where key policy announcements could shape the next phase of the market’s trajectory.
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