Bitcoin and other major cryptocurrencies continued their upward momentum on Monday, driven by positive investor sentiment despite looming concerns over upcoming U.S. tariffs and key economic data expected later this week.
As of 7 AM WAT, Bitcoin climbed 3.2% to $86,590, while Ethereum advanced 2.3%, reaching $2,047. The overall cryptocurrency market capitalization saw a 2.94% increase over the past 24 hours, standing at $2.84 trillion.
Other prominent cryptocurrencies also posted gains. XRP rose by 3%, Cardano by 2%, and Dogecoin by 3.8%. Chainlink, Avalanche, Hedera, and Stellar experienced growth 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 capitalization soared to $1.727 trillion, with its dominance increasing to 60.73%. Its 24-hour trading volume spiked by 93% to $18.2 billion. Meanwhile, stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.
Solana Leads Market Gains Amid Optimistic Outlook
Solana (SOL) emerged as one of the top-performing assets, surging over 7% in the past 24 hours to trade above $139. The rally was fueled by speculation that President Trump’s April 2 tariff plans may be less severe than initially feared, easing investor concerns.
Market sentiment improved following reports suggesting the tariffs could include exemptions for certain countries and non-cumulative charges on metals. Additionally, the Federal Reserve’s outlook for two rate cuts this year bolstered risk assets, with the central bank downplaying potential inflationary effects from the tariffs as “transitory.”
BitMEX co-founder Arthur Hayes expressed confidence in Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
Solana’s momentum has been accompanied by increasing adoption. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. According to Ali Charts, a record 11.09 million addresses now hold SOL, reflecting its growing user base.
Key Market Insights
More than $72 million in assets have recently migrated from Ethereum to Solana. Weekly active addresses on Solana now stand at 17 million, far exceeding Ethereum’s 1.8 million. Meanwhile, Binance’s rising SOL wallet balances indicate fresh accumulation following previous sell-offs.
Institutional interest in Solana continues to strengthen. Volatility Shares is set to launch two Solana futures ETFs (SOLZ and SOLT) on Nasdaq on March 21. Additionally, major asset managers such as Franklin Templeton and VanEck have applied for spot Solana ETFs, signaling a growing appetite for the cryptocurrency.
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