Bitcoin dominance drops below 50% as Trump touts crypto reserve plan
Bitcoin’s dominance fell from 55.4% to 49.6% after U.S. President Donald Trump announced the inclusion of XRP, Solana, and Cardano in the country’s “Crypto Strategic Reserve.” While Trump later confirmed that Bitcoin and Ether would be central to the reserve, his support for altcoins sparked criticism from Bitcoin advocates and skeptics alike.
Altcoins surged following the announcement—Cardano and XRP jumped 60.3% and 34.7%, respectively, while Solana and Ether gained 25.5% and 13.1%. Bitcoin, in comparison, rose only 10% to $94,220.
Trump’s decision to expand the reserve beyond Bitcoin surprised many, including well-known Bitcoin critic Peter Schiff. While Schiff acknowledged Bitcoin’s similarity to gold, he questioned the logic of holding an XRP reserve.
Industry leaders also voiced skepticism. Jeff Park from Bitwise called it a “huge political miscalculation,” arguing that Bitcoin should be the sole asset in a strategic reserve. Casa CEO Nick Neuman dismissed altcoins as having “infinite supply and zero utility.” Others, like Pierre Rochard of Riot Platforms, predicted the reserve would eventually become “Bitcoin-only” as altcoins lose value relative to Bitcoin.
The Crypto Strategic Reserve follows weeks of evaluation by Trump’s Working Group on Digital Assets, led by Bo Hines and David Sacks. Trump will host the first White House Crypto Summit on March 7 to discuss regulatory policies and stablecoin oversight, chaired by Sacks and administered by Hines.