Saltworks (CRYPTO: SOL) sees strong gains in Friday’s trading. The price of the cryptocurrency token rose 2.9% during the last 24 hours of trading as of 4:00 PM ET. Meanwhile, Bitcoin increased by 1.5% and Ethereum it grew by 2.6 percent.
The crypto market is surging today following President Donald Trump’s executive order on cryptocurrencies issued yesterday, and Saltworks participates in the bullish momentum. Along with forming a commission to explore regulations in the crypto space and outlining new protections for cryptocurrency miners, developers and asset owners, the executive order establishes an exploratory phase for creating a U.S. digital asset reserve.
Trump’s new crypto order formed a new advisory group to analyze regulations currently affecting the digital asset space and offer policy proposals. The group was also ordered to submit a report on the potential creation of a reserve of digital assets in the US within 180 days.
In addition to creating a new crypto pool, the order establishes specific safeguards to protect legitimate crypto miners, developers, and individual owners who hold their digital assets in personal storage wallets rather than on centralized third-party platforms. Trump’s executive order is seen as a general boost to the development of the crypto space, and it could create particularly pronounced catalysts for Solana.
Reports published last week suggested that Trump was in favor of launching that US cryptocurrency reserve that would also include tokens other than Bitcoin — with a preference for cryptocurrencies originating in the country. Solana i XRP they were specifically named as tokens that were being considered as part of the US Crypto Reserve Project.
Solana has been gaining ground against Ethereum in the blockchain development space, and its token has been outperforming its rival of late. While Solana is up roughly 33% year-to-date, Ethereum is down 1% for the entire streak. Should Solana be favored for inclusion in the US crypto reserve project, it could continue to climb higher and gain in valuation over its larger rival.
Before you buy shares in Solana, consider the following:
The Motley Fool Stock Advisor a team of analysts has just identified what it believes to be 10 best stocks for investors to buy now… and Solana was not one of them. Ten Stocks That Dimmed Could Produce Monster Returns in the Coming Years.
