XRP overturned Tether (USDT) by market capitalization, reaching $158.86 billion, surpassing USDT’s $1423.8 billion valuation, making it the third largest cryptocurrency behind Bitcoin and Etherum.
The Crypto market is on fire, with XRP, Cardano (ADA) and Solana (Sol) skyrocketing over the past 24 hours. This is a rally supported by Donald Trump’s posts about Truth Social.
The president has announced plans for US crypto sanctuaries that include XRP, SOL, ADA, Bitcoin and ether, doubled his procrypt stance.
“The US crypto sanctuaries will raise this important industry after years of corrupt attacks by the Biden administration. So my executive order on digital assets has directed the presidential working group to advance crypto strategic sanctuaries, including XRP, SOL and ADA,” Trump posted in The True Society, adding, “confirming that the US is the crypto capital of the world.”
Following Trump’s statement, XRP surged 26.1%, ADA surged 49.7%, and Sol surged 18.1%. Investors speculate that Trump’s support for certain altcoins could lead to an increase in institutional and government adoption.
Bitcoin (BTC) and Ethereum (ETH) also benefited, with BTC rising 3.8% to $87,894 and ETH rising 2.9% to $2,237.
Short sellers betting on the market took a hard hit as prices skyrocketed. According to Coinglas, 93,415 traders have been liquidated in the last 24 hours, bringing the total liquidation to $356.36 million. The HTX BTC-USDT pair had the largest single liquidation order, totaling $39.86 million.
Of the $357.7 million liquidation, $248.67 million (69.52%) was shorts, and traders betting on low prices were burned as crypto prices skyrocketed.
One of the whales who have been pocketing more than $6.8 million in just one day with BTC and ETH long with 50x leverage, pocketing most of his positions and pocketing more than $6.8 million in just one day, according to chain analytics company Lookonchain.