Bitcoin and the broader cryptocurrency market experienced significant gains on Monday, with Bitcoin surpassing $87,000 amid renewed investor confidence. The leading digital asset climbed 3.71%, reaching approximately $87,480, while Ethereum followed suit, rising 4.05% to trade around $2,093.
The total market capitalization of cryptocurrencies saw a 2.94% increase over the past 24 hours, reaching $2.84 trillion, despite concerns over upcoming U.S. economic policies and tariff discussions.
Altcoins Join the Rally
Other major cryptocurrencies also saw an upward trend. XRP, Cardano, and Dogecoin posted gains of 3%, 2%, and 3.8%, respectively. Meanwhile, Chainlink, Avalanche, Hedera, and Stellar recorded price increases ranging from 3% to 10%, reflecting strong market sentiment.
Bitcoin’s Strength and Key Levels
According to Vikram Subburaj, CEO of Giottus, Bitcoin has been maintaining its position above $86,000, with a crucial resistance level at $86,700. A successful breakout beyond this threshold could pave the way for a push toward $90,000.
Bitcoin’s dominance in the crypto space grew to 60.73%, with its market capitalization reaching $1.727 trillion. Trading activity surged as Bitcoin’s 24-hour trading volume spiked by 93% to $18.2 billion. Meanwhile, stablecoins continued to dominate transactions, accounting for 94.74% of total trading, amounting to $57.58 billion, according to CoinMarketCap.
Solana Gains Institutional Attention
One of the standout performers was Solana, which jumped over 7% in the last 24 hours, trading above $139. The surge was fueled by speculation that upcoming U.S. tariffs may not be as aggressive as initially expected, easing market concerns.
Solana’s adoption continues to grow, with DeFiLlama reporting that its total value locked (TVL) reached 54.87 million SOL, its highest level since mid-2022. Additionally, the number of active SOL addresses hit a record 11.09 million, showcasing rising interest in the network.
Institutional players are also taking notice. Volatility Shares recently introduced two Solana futures ETFs (SOLZ and SOLT), while financial giants like Franklin Templeton and VanEck have submitted applications for spot Solana ETFs, signaling growing institutional demand.
Market Outlook
As crypto adoption expands, analysts remain optimistic about Bitcoin’s long-term trajectory. Arthur Hayes, co-founder of BitMEX, suggested that Federal Reserve policies could propel Bitcoin to $110,000 in the near term before facing a potential correction.
Despite regulatory uncertainties, the cryptocurrency market continues to show resilience, with strong investor interest driving prices higher.
