Bitcoin Surges Since Trump ‘Liberation Day’—But Solana Outperforms

BitcoinSince Trump’s Liberation Day on April 2, Solana and Bitcoin have buoyed the broader crypto sector, with the global crypto market cap increasing 6% to $295 trillion since April 2. Solana accounts for 2% of the crypto market’s overall value. Bitcoin’s dominance has remained unchanged at about 60% of the market cap.Solana’s recent outperformance has little to do with its merits as a store of value, Messari Research Analyst Matthew Nay told “You’re starting to see the resurgence of Fartcoin,” Nay said, describing the Last month, the bankruptcy estate for collapsed crypto exchange FTX While token unlocks are typically bearish, Nay said that the community is now looking ahead to conferences and network upgrades, such as the “People still like the asset,” he said. “It was just oversold, and that’s why this resurgence has been as strong as it has been.”Bitcoin as Store of ValueBitcoin may be pulling ahead because of its “store of value” narrative, David Duong, head of research at Coinbase Institutional told “The fact that bitcoin has gained institutional adoption and been integrated into more portfolios via spot ETFs has separated it from other tokens,” he said. “Bitcoin’s price decline from the peak has been pretty gentle compared to what we’ve seen in prior cycles, suggesting there’s greater conviction in holding bitcoin for the long term.”Edited by James Rubin