- Reports indicate Trump may consider SOL, XRP, and USDC for national crypto reserves alongside Bitcoin.
- SOL price increased 8% to $217, while XRP approached its 2018 all-time high at $3.35.
- The CoinDesk 20 Index gained 5% in 24 hours, outperforming bitcoin’s 0.5% rise to nearly $100,000.
- Market experts express skepticism about government involvement in altcoin investments.
- State-level initiatives continue exploring bitcoin reserve legislation.
Altcoins Rally on Trump Reserve Speculation
Alternative cryptocurrencies surged Thursday after reports emerged suggesting president-elect Donald Trump might include multiple digital assets in a proposed national cryptocurrency reserve strategy.
Market Response
Solana’s SOL token recorded an 8% increase to $217, while Ripple‘s XRP continued its upward momentum, reaching $3.35 – approaching its historical peak from 2018, according to CoinGecko data. Hedera‘s HBAR also experienced a 10% rise, despite not being mentioned in the initial reports.
The broader crypto market reflected this Optimism, with the CoinDesk 20 Index climbing 5% over 24 hours, substantially exceeding bitcoin’s modest 0.5% gain as it approached the $100,000 mark.
Expert Concerns
Market analysts have raised red flags about potential government involvement in altcoin markets. Quinn Thompson, founder of Lekker Capital, stated in an X post: "This is a ridiculous idea and will never happen."
Anthony Georgiades from Innovating Capital emphasized concerns about centralization: "As it stands today, there’s truly only one token that is sufficiently and purely decentralized and that is bitcoin."
The discussion follows Senator Cynthia Lummis’s BITCOIN Act introduction in July, proposing a 5% acquisition of bitcoin’s total supply. Several states, including Texas-house-introduces-bill-to-establish-a-strategic-bitcoin-reserve.html”>Texas and Oklahoma, have initiated similar legislative efforts at the state level.
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