Bitcoin dominance dips below 50% amid Trump's crypto plan

Bitcoin's dominance in the crypto market has dropped below 50% after President Donald Trump announced a "Crypto Strategic Reserve" that includes altcoins.  

The announcement initially boosted Bitcoin by 10%, but the inclusion of altcoins like XRP, Solana, and Cardano reduced Bitcoin's overall market share.  

Bitcoin (CRYPTO:BTC) dominance fell from 55.4% to below 50% after Trump confirmed that XRP (CRYPTO:XRP), Solana (CRYPTO:SOL), and Cardano (CRYPTO:ADA) would be part of the reserve.

Although Trump later stated that Bitcoin and Ether (CRYPTO:ETH) would be “at the heart of the reserve,” the inclusion of altcoins has drawn criticism.

Bitcoin’s dominance has now decreased to 49.6%, while Cardano and XRP surged by 60.3% and 34.7%, respectively, in the past 24 hours.

Solana and Ether also gained 25.5% and 13.1%, whereas Bitcoin only rose 10% to $94,220.

"What is the rationale for an XRP reserve? Why do we need it?" Bitcoin critic Peter Schiff questioned the rationale behind including altcoins.

Jeff Park, head of alpha strategies at Bitwise, suggested Trump underestimated the importance of focusing the reserve solely on Bitcoin.

Casa CEO Nick Neuman argued that only Bitcoin makes sense as part of a country’s strategic reserve.

The Chicago Mercantile Exchange (CME) recorded its largest-ever Bitcoin futures gap after Trump’s announcement.

The gap, representing the price difference between Friday's closing and Sunday's reopening, opened at $10,000.

The broader cryptocurrency market has surged, with Bitcoin reaching $95,000 and Ethereum rising 10.72%.

The MAG7.ssi index, covering the five tokens mentioned by Trump, jumped 18.16%.

Trump will host a White House Crypto Summit on March 7 to discuss regulatory policies and stablecoin oversight.

At the time of reporting, the Bitcoin (BTC) price was $91,840.26.