Bitcoin and other major cryptocurrencies extended their upward momentum on Monday, with Bitcoin reaching $87,480, up 3.71% as of 9:55 am WAT. Ethereum also saw a notable gain, rising 4.05% to trade at $2,093, fueled by positive investor sentiment despite concerns over upcoming U.S. tariffs and key economic data releases later in the week.
The global cryptocurrency market capitalization saw an increase of 2.94% in the past 24 hours, reaching $2.84 trillion. Other cryptocurrencies, including XRP, Cardano, and Dogecoin, posted strong performances, with gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar also saw impressive growth, ranging from 3% to 10%.
Bitcoin’s market capitalization surged to $1.727 trillion, with its dominance rising to 60.73%. The 24-hour trading volume for Bitcoin spiked by 93% to $18.2 billion, while stablecoin transactions represented 94.74% of the total crypto trading, totaling $57.58 billion, according to CoinMarketCap.
Solana (SOL) emerged as a standout performer, surging more than 7% in the past 24 hours to trade above $139. This rally was sparked by reports that President Trump’s upcoming tariffs, set for April 2, may be more targeted than initially anticipated, easing some market concerns.
Solana’s momentum is supported by increasing adoption, with its total value locked (TVL) reaching a high of 54.87 million SOL, its largest since June 2022. In addition, the number of Solana addresses holding the cryptocurrency has hit a record 11.09 million, demonstrating growing interest and acceptance.
Furthermore, over $72 million worth of assets have recently been bridged from Ethereum to Solana, contributing to the cryptocurrency’s upward trajectory. Solana’s weekly active addresses significantly outpace Ethereum’s, with 17 million active Solana addresses compared to Ethereum’s 1.8 million. Meanwhile, Binance’s increasing SOL wallet balances suggest fresh accumulation following recent selling activity.
Institutional adoption of Solana is also rising, 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, further highlighting growing institutional interest in the cryptocurrency.
BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s future, stating, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
