Bitcoin and other major cryptocurrencies recorded significant gains on Monday, with Bitcoin reaching approximately $87,480, marking a 3.71% increase in value. Ethereum followed suit, rising 4.05% to trade at $2,093.
The overall cryptocurrency market capitalization grew by 2.94% over the past 24 hours, hitting $2.84 trillion, despite concerns over upcoming U.S. tariffs and key economic data releases later in the week.
Other top-performing cryptocurrencies included XRP, Cardano, and Dogecoin, posting gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar saw price increases ranging between 3% and 10%.
Vikram Subburaj, CEO of Giottus, noted that Bitcoin’s key resistance level is at $86,700, and a breakout could push prices toward $90,000. Bitcoin’s market capitalization surged to $1.727 trillion, with trading volume skyrocketing by 93% to $18.2 billion. Stablecoin transactions dominated total crypto trading, reaching $57.58 billion, accounting for 94.74% of total activity.
Solana emerged as a standout performer, surging over 7% in 24 hours to trade above $139. The rally was fueled by easing concerns over U.S. tariffs and rising institutional interest.
According to DeFiLlama, Solana’s Total Value Locked (TVL) hit 54.87 million SOL, the highest level since June 2022. Additionally, over $72 million in assets were recently bridged from Ethereum to Solana, while weekly active addresses surged to 17 million, far exceeding Ethereum’s 1.8 million.
Institutional interest in Solana continues to grow, with Volatility Shares launching two Solana futures ETFs (SOLZ and SOLT) on Nasdaq on March 21. Asset managers like Franklin Templeton and VanEck have also applied for spot Solana ETFs, signaling increasing adoption.
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s trajectory, predicting that the Federal Reserve’s policy stance could propel Bitcoin to $110,000 before a potential retest at $76,500.
With rising adoption, strong institutional interest, and reduced economic uncertainty, analysts believe the crypto market’s bullish momentum could persist in the coming weeks.
