During a recent interview, Donald Trump compared the crypto market with US stocks, indicating that cryptocurrencies were very resilient during the recent market turmoil.
He noted that crypto was “much stronger” than the rest of the assets when tariff anxiety shook the fiscal world. Trump’s remark has ignited new optimism around major altcoins, particularly Ethereum, Ripple, and Dogecoin.
The S&P 500 suffered a heavy hit during early April, losing well over $5 trillion of market capitalization in one week as the tariff stalemate spooked investors. The crypto market, though also losing ground, held fast. The largest asset in the sector, Bitcoin, lost about 15% between the 2nd and the 9th of April. The altcoins Ethereum and Ripple, however, only dipped slightly.
Trump’s position on digital currencies is broader than just market performance. He underscored the fact that millions of individuals are already heavily entrenched in crypto, and there is an increasing demand that cannot be disregarded by Washington.
“I think crypto is important because if we don’t do it, China is going to. And it’s new, it’s very popular, it’s very hot. I want crypto because a lot of people – millions of people – want it,” Trump stated.
73% of US Crypto Investors Push for Global Leadership
Trump’s timing seems to be key. A recent survey found that 73% of crypto investors in the United States feel the nation needs to be at the forefront of the global crypto landscape. With endorsement from Trump, analysts are noting increased demand for altcoins, which may gain from an improved regulatory climate.
Of these altcoins, Ethereum is attracting attention for good reasons. The network is gearing up for the much-awaited Pectra update on May 7. This update, coupled with the inflow of $149 million into Ethereum investment funds, is favorable for the bulls. Experts believe that such milestones may lead to substantial gains for Ethereum soon.
Ripple is also among the top contenders. The altcoin, which is one of the largest US-based crypto assets, may reap major gains from a crypto-friendly administration in Washington. Technical charts also suggest the potential for an upward surge towards $2.59 on the breakout above key resistance areas. Ripple may also reach as high as $12 under the right market conditions.
Dogecoin is also gaining consideration from investors in May. The altcoin is set to target the $0.40 resistance level within the month-end timeframe. On the Binance exchange, long Dogecoin positions are on the rise, with 57% of the investors placing bets on an appreciation in the price. The trend is indicative of increasing optimism that Dogecoin is set to continue its upward trajectory.
Source: CoinGlass
Trump’s endorsement has further ignited market appetite in the broader crypto space, which has an overall valuation of $52 trillion. The resilience of crypto compared to the battered US stocks has further fueled demands for strategic investment in leading digital assets such as Ethereum, Ripple, and Dogecoin.