Bitcoin has had a dull start of the year, with its price moving further from its all-time high of $108,000. One potential catalyst for the coin will be Donald Trump’s approval of strategic Bitcoin reserves, a move that will benefit other cryptocurrencies. Here are some of the best BTC rivals to buy ahead of this approval.
BTC Rivals Could Benefit If Trump Approves Strategic Bitcoin Reserves
BTC price will likely do well if the Trump administration approves strategic Bitcoin reserves. That’s because most coins tend to beat it when it is in a strong uptrend. Some of the top BTC rivals to buy if this happens are Ripple (XRP), Solana (SOL), Hedera Hashgraph (HBAR), and Tron (TRX).
Ripple (XRP)
If Trump moves ahead with strategic BTC reserves, Ripple is a top Bitcoin rival to buy, potentially this year. That’s because XRP has numerous catalysts, including the end of the Ripple SEC lawsuit, the continued use of the Ripple USD, the growth of the XRP Ledger network, and a potential Ripple Labs IPO. We have already reported that the RLUSD stablecoin has flipped PYUSD in terms of trading volume.
Other catalysts for the XRP price include the potential approval of a Ripple ETF. Polymarket’s odds of that approval have grown to 71%. The price will also likely do well once Paul Atkins, who will replace Gary Gensler as the SEC chair, becomes the chair.
XRP ETF Odds
Solana (SOL)
Solana is another top BTC rival that may do well if Trump approves strategic Bitcoin reserves. It has numerous potential catalysts, including the rising odds that the SEC will approve a SOL ETF. These odds have now jumped to 74%, which may keep rising as the new administration embraces a soft-touch regulatory approach.
Solana continues to be the most popular blockchain for developers building meme coins, DePIN projects, and Real World Asset tokenization. Its network activity is growing, leading to higher volume, and more revenues. Data shows that, unlike Bitcoin, Solana pays holders a 7% staking yield, meaning that a $10,000 investment may generate $700 in annual returns.
Solana ETF approval
Hedera Hashgraph (HBAR)
Hedera Hashgraph is a top Bitcoin rival to scoop ahead of strategic Bitcoin reserves approval. The main catalyst for this coin is that it has some of the biggest corporate names like Google and IBM as part of its governance.
A Bloomberg analyst has also predicted that the SEC will approve a spot HBAR ETF soon since it has not mentioned it as a security. Hedera Hashgraph may also continue attracting developers into its ecosystem because of its faster speeds and low transaction costs.
HBAR ETF Odds
Tron (TRX)
Justin Sun’s Tron price may do well in the trump administration. Historically, Trump is known for being highly transactional, meaning that he may order DoJ officials to stop their lawsuit on Sun since he invested in World Liberty Financial.
Apart from that, Tron has become the most profitable blockchain after Tether, is handling billions of transactions in Tether, and has a 4.5% staking yield. Tron is also less correlated with Bitcoin.
The post BTC Rivals to Buy Before Trump Approves Strategic Bitcoin Reserve appeared first on CoinGape.
