Bitcoin Surges Past $87,000 as Crypto Market Extends Gains

 

Bitcoin and other leading cryptocurrencies extended their gains on Monday, driven by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later this week.

As of 9:55 am WAT, Bitcoin rose 3.71% to $87,480, while Ethereum gained 4.05%, trading at $2,093. The global cryptocurrency market capitalisation increased by 2.94% in the past 24 hours, reaching $2.84 trillion.

Other notable performers included XRP, Cardano, and Dogecoin, which posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar also recorded 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 capitalisation surged to $1.727 trillion, with dominance rising to 60.73%. Its 24-hour trading volume soared by 93% to $18.2 billion, while stablecoin transactions accounted for 94.74% of total crypto trading, reaching $57.58 billion, according to CoinMarketCap.

Solana Leads the Charge

Solana (SOL) emerged as a standout performer, surging over 7% in the past 24 hours to trade above $139.

The rally was fueled by reports suggesting that President Trump’s April 2 tariffs may be more targeted than initially feared, easing market concerns.

Solana’s momentum aligns with increasing adoption rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Additionally, Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing investor confidence.

Further supporting the bullish outlook, over $72 million in assets have recently been bridged from Ethereum to Solana. Solana’s weekly active addresses (17 million) now significantly exceed Ethereum’s (1.8 million), while Binance’s rising SOL wallet balances suggest fresh accumulation following recent selling activity.

Institutional Interest on the Rise

Institutional acceptance of Solana continues to grow, 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, signalling increased interest in the cryptocurrency.

Meanwhile, BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”

With the crypto market gaining momentum, investors remain focused on key technical levels and macroeconomic developments that could shape future price movements.