Bitcoin and the broader cryptocurrency market recorded significant gains on Monday, with Bitcoin climbing to approximately $87,480, marking a 3.71% increase. Ethereum also saw a strong uptrend, rising 4.05% to $2,093.
The total cryptocurrency market capitalization expanded 2.94% in the past 24 hours, reaching $2.84 trillion, despite looming concerns over impending U.S. tariffs and key economic data expected later in the week. The market’s resilience suggests sustained investor confidence in the crypto sector.
Other leading cryptocurrencies also posted gains, with XRP rising 3%, Cardano up 2%, and Dogecoin increasing 3.8%. Meanwhile, Chainlink, Avalanche, Hedera, and Stellar recorded growth between 3% and 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 capitalization surged to $1.727 trillion, with its dominance rising to 60.73%. Trading activity also spiked, with 24-hour volume surging 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, amounting to $57.58 billion, according to CoinMarketCap.
Among top-performing altcoins, Solana emerged as a standout, soaring over 7% in the past 24 hours to trade above $139. The rally was fueled by reports that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market uncertainty.
Solana’s momentum aligns with rising adoption, as DeFiLlama reported that Solana’s total value locked (TVL) surged to 54.87 million SOL, its highest level since June 2022. Meanwhile, data from Ali Charts revealed that a record 11.09 million addresses now hold SOL, reflecting growing investor confidence.
Further strengthening Solana’s bullish outlook, over $72 million in assets have been bridged from Ethereum to Solana, while weekly active addresses on Solana (17 million) far exceed Ethereum’s (1.8 million). Binance’s rising SOL wallet balances also point to fresh accumulation amid a recovery from recent selling pressure.
Institutional demand for Solana continues to increase, with Volatility Shares launching 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, signaling growing interest in the cryptocurrency.
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating:
“The Fed’s policy orientation could help Bitcoin achieve $110,000 before it retests $76,500.”
With bullish momentum and increasing institutional involvement, market analysts are closely watching Bitcoin’s next key resistance levels as it eyes further gains.
