Is This Cryptocurrency the Biggest Winner of Trump's Tariffs? (Spoiler Alert: It's Not Bitcoin)

Maybe tariffs aren't so bad for crypto after all. This top cryptocurrency is up 144% since April. It's been slightly more than four months since the White House announced "Liberation Day" tariffs. This provides enough time to project which cryptocurrency could be the biggest winner of Trump's tariffs. The answer might surprise you. It's not Bitcoin (CRYPTO: BTC), which was many investors' "flight to safety" option during the peak of tariff uncertainty. Instead, the biggest winner of Trump's tariffs appears to be Ethereum (ETH 1.16%).

Performance of different cryptocurrencies under tariffs

A chart of the performance of seven different cryptocurrencies from April 1 to August 1 reveals a clear trend: Bitcoin, Ethereum, XRP (CRYPTO: XRP), Cardano (CRYPTO: ADA), Dogecoin (CRYPTO: DOGE), Solana (CRYPTO: SOL), and Sui (CRYPTO: SUI). Ethereum's performance stands out significantly, showing a remarkable 144% increase during this period. In comparison, Bitcoin saw a more modest 39% rise. Two other altcoins, XRP and Sui, also outperformed Bitcoin, with XRP up 56% and Sui up 70%. Meanwhile, Solana and Dogecoin tracked Bitcoin's performance closely, both increasing by 37%. Cardano was the sole underperformer, with a 25% increase. Based on these figures, Ethereum emerges as the clear winner regarding performance under the influence of Trump's tariffs, significantly outperforming both Bitcoin and its closest altcoin competitors.

Do investors need to rethink tariffs?

Interpreting this data requires careful consideration of the broader market context. On April 2, the crypto market reacted negatively to the imposition of unprecedented tariffs against major trading nations, leading many to invest in Bitcoin as a safe haven. However, four months later, this investment thesis appears increasingly questionable. The strong performance of Ethereum, up 144%, suggests that tariffs might not be inherently detrimental to all cryptocurrencies. Furthermore, the outperformance of altcoins like Ethereum, XRP, and Sui compared to Bitcoin signals a potential shift in market dynamics, where Bitcoin is no longer the sole benchmark for success. While four months is a short timeframe, and future market trends remain to be seen, this data prompts a re-evaluation of the impact of tariffs on the crypto market.

What other factors might be at work?

Ethereum's exceptional performance could also be attributed to other factors beyond tariffs. The recent surge in Ethereum treasury companies, which actively buy Ethereum with investor capital, has undoubtedly contributed to increased buying pressure and price appreciation. Examples include SharpLink Gaming's transformation into an Ethereum treasury company and Bitmine Immersion Technologies' similar move. Bitmine's shift from a Bitcoin mining company to an Ethereum treasury company, particularly noted by its appointment of Fundstrat co-founder Tom Lee as chairman, could indicate a significant shift in market sentiment.

What should investors expect next?

While Ethereum has been the leading performer, its historical correlation with Bitcoin suggests that this level of outperformance may not be sustained indefinitely. It's likely that returns for Ethereum and Bitcoin will converge more closely in the remaining months of the year. Despite this, Ethereum's current trajectory and its 144% return make it a strong contender for the top-performing major cryptocurrency of the year, making it difficult to be anything but bullish on its prospects.

About the Author

Dominic Basulto is a contributing Crypto Analyst at The Motley Fool covering cryptocurrencies, digital assets, and publicly traded companies in the cryptocurrency sector. Prior to The Motley Fool, Dominic was a technology and innovation journalist at The Washington Post and Fortune. He holds a B.A. in Politics from Princeton University and an MBA in Finance from Yale School of Management.

Source: Is This Cryptocurrency the Biggest Winner of Trump's Tariffs? (Spoiler Alert: It's Not Bitcoin) by Dominic Basulto, published August 12, 2025.

Frequently Asked Questions (FAQ)

Performance and Tariffs

Q: Which cryptocurrency performed best during the period of Trump's tariffs? A: Ethereum (ETH) showed the strongest performance, increasing by 144% between April 1 and August 1. Q: How did Bitcoin perform during the same period? A: Bitcoin (BTC) increased by 39% during the same period. Q: Did any other cryptocurrencies outperform Bitcoin? A: Yes, XRP (up 56%) and Sui (up 70%) also outperformed Bitcoin. Q: Which cryptocurrency underperformed compared to the others? A: Cardano (ADA) was the underperformer, with a 25% increase during the analyzed period.

Tariff Impact and Market Interpretation

Q: What does Ethereum's performance suggest about the impact of tariffs on cryptocurrencies? A: Ethereum's significant gains suggest that tariffs may not be universally detrimental to all cryptocurrencies, and their impact can vary. Q: Does Ethereum's performance challenge Bitcoin's role as a "flight to safety" asset? A: It suggests that while Bitcoin may still be considered a safe haven, altcoins like Ethereum are demonstrating strong independent performance and outperforming Bitcoin in certain market conditions.

Potential Contributing Factors

Q: Besides tariffs, what other factors might have contributed to Ethereum's strong performance? A: The growth of Ethereum treasury companies, which actively purchase Ethereum, likely contributed to increased buying pressure and price appreciation. Q: What is a "cryptocurrency treasury company"? A: These are companies that focus on acquiring and holding significant amounts of a particular cryptocurrency, like Ethereum, often as a core part of their business strategy.

Crypto Market AI's Take

The analysis highlighting Ethereum's impressive gains amidst tariff uncertainty is particularly interesting from an AI-driven market perspective. At Crypto Market AI, we leverage advanced AI agents and machine learning models to identify such trends and their underlying drivers. While external factors like tariffs can influence market sentiment, our AI systems continuously analyze a multitude of data points, including on-chain activity, corporate treasury strategies, and macroeconomic indicators, to provide a holistic view of market movements. The trend of companies like SharpLink Gaming and Bitmine Immersion Technologies shifting towards Ethereum treasuries underscores a potential sector-wide re-evaluation of digital asset holdings, a pattern our AI continuously monitors. For those looking to navigate these complex market dynamics, understanding the interplay of these factors is crucial. Our platform offers insights into AI-powered trading strategies and provides detailed market analysis to help investors make informed decisions.

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