The market value of Bitcoin and other cryptocurrencies rose significantly in Monday’s early trading, with Bitcoin reaching around $87,480.
This represents a 3.71 per percent increase. Ethereum also had a large increase, rising 4.05% to $2,093.
The global cryptocurrency market capitalisation climbed by 2.94% in the last 24 hours, reaching $2.84 trillion.
The market’s positive trend persisted despite looming fears about forthcoming US tariffs and the release of critical economic data later this week, indicating strong investor confidence in the crypto sector.
Other notable performers included XRP, Cardano, and Dogecoin, which saw gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar had gains ranging from 3% to 10%.
“Bitcoin is holding above $86,000, registering a 3% gain today. The key resistance level to watch is $86,700; a breakout could pave the way for $90,000,” said Vikram Subburaj, CEO of Giottus.
Bitcoin’s market value has risen to $1.727 trillion, with 60.73% domination.
Its 24-hour trading volume increased by 93% to $18.2 billion, with stablecoin transactions accounting for 94.74% of overall crypto activity, totalling $57.58 billion, according to CoinMarketCap.
Solana emerged as an outstanding performer, rising more than 7% in the last 24 hours to trade above $139.
The rally was fuelled by suggestions that President Donald Trump’s April 2 tariffs could be more targeted than previously thought, relieving market concerns.
Solana’s momentum coincides with unparalleled acceptance rates. DeFiLlama announced that Solana’s total value locked (TVL) has hit 54.87 million SOL, the highest level since June 2022.
According to Ali Charts, a record 11.09 million addresses currently have SOL, indicating increased adoption.
Furthermore, over $72 million in assets have recently been bridged from Ethereum to Solana. Solana’s weekly active addresses (17 million) greatly outnumber Ethereum’s (1.8 million), and Binance’s rising SOL wallet balances indicate new accumulation following recent selling activity.
Solana’s institutional adoption continues to expand, with Volatility Shares listing two Solana futures ETFs (SOLZ and SOLT) on Nasdaq on March 21.
Major asset managers, including Franklin Templeton and VanEck, have also applied for spot Solana ETFs, indicating a growing interest in the cryptocurrency.
BitMEX co-founder Arthur Hayes voiced confidence in Bitcoin’s future, saying, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
