In brief
Following a mostly red week amid President Trump’s renewed trade war and widespread tariffs, the cryptocurrency market saw significant gains, with altcoins leading a broad rebound. This comes despite recent losses pushed by the escalating economic uncertainty.
XRP and Ethereum, the top performers among the ten largest cryptocurrencies by market cap, rose by 4.5% and 2.7% respectively today, according to CoinGecko data.
Separately, the likelihood of an XRP ETF approval occurring before Litecoin gains regulatory endorsement increased to a 64% probability, as indicated by Myriad Market predictors. Ethereum also saw heightened optimism, with a 54.4% chance estimated by the same platform that its price would reach a new all-time high this year, currently hovering near a 27% recovery from its previous peak based on CoinGecko data.
Specific cryptocurrencies driving the rebound included Ethena (+10.8%), Stellar (+8.1%), Injective (+5.9%) and BONK (+5%) in the past 24 hours. Overall, the most significant individual daily gainer, however, was Solana-based BONK.
Despite the daily gains, an overview of the past week shows that all the major altcoins, including Bitcoin, continue to trade lower territory. In particular, President Trump’s renewed global trade war, targeting China, Canada, the EU, Mexico and the UK with tariffs ranging up to 41%, contributed significantly to market volatility and sell-off pressure. On Thursday, the S&P 500 index dropped 3.33% on the day, while major cryptocurrencies were weighed down, with Bitcoin (-2.1%), Ethereum (-3.8%), XRP (-~3%) and Solana (-~3%) all posting notable losses during the session.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
