The crypto market is rebounding with major altcoins Ethereum, Solana, and XRP leading the way. It comes amid reports that President Trump is set to sign an executive order on Thursday that will pave the way for cryptocurrencies to be held in 401(k)s—a popular retirement account for Americans.
Ethereum has climbed 7.3% over the past 24 hours to $3,856.26 and a market capitalization of $465 billion, according to CoinGecko. The move has seen $126 million worth of short positions on the second-largest cryptocurrency liquidated, per CoinGlass.
Similarly, Cardano, Solana,, and XRP have all risen 5.7%, 4.9%, and 4.1% on the day. Predictors at Myriad Markets now believe there is a 30.5% likelihood that Solana hits a new all-time high by the end of the year. But it’ll have a long hike to get there—SOL is 41.3% away from its high water mark after setting a new one of $293.31 in January.
(Disclosure: Myriad is a prediction market developed by Decrypt’s parent company DASTAN.)
As a whole, according to CoinGecko, the crypto market is up 2.9% as the industry rebounds following the 401(k) news.
President Trump is set to sign an executive order on Thursday, according to a Bloomberg report citing an unnamed source familiar with the matter. It would allow for private equity, real estate, cryptocurrency, and other alternative assets to be held in 401(k)s.
A 401(k) is a common form of retirement account that, according to the Investment Company Institute’s Q1 2025 report, accounts for approximately $8.7 trillion worth of assets. Currently, 401(k) accounts are allowed access to crypto through Bitcoin or Ethereum ETFs, but by holding the assets themselves.
The bullish news has helped the markets rise, easing concerns following Trump’s reigniting of his trade war earlier in the week.
Pudgy Penguins’ PENGU token is the biggest winner of the top 100 cryptocurrencies, according to CoinGecko, jumping 13.1% on the day. Ethereum-based stablecoin DeFi protocol Ethena is close behind up 12.2%, breaking into the top 40 cryptocurrencies by market cap.
Most of the top 100 are in the green, with one two tokens seeing significant losses. Other major tokens like Dogecoin, Hyperliquid, and Sui have posted notable gains on the day, up 7%, 3.5%, and 10%.