Bitcoin and other top cryptocurrencies advanced on Monday, boosted by optimistic investor optimism amid fears about imminent US tariffs and key economic data releases later this week.
Ethereum climbed 2.3% to trade at $2,047 as of 7 am WAT, while Bitcoin increased 3.2% to $86,590.
Over the last day, the global cryptocurrency market capitalisation grew by 2.94% to $2.84 trillion.
With gains of 3%, 2%, and 3.8%, respectively, XRP, Cardano, and Dogecoin were other noteworthy performers. Growth rates for Chainlink, Avalanche, Hedera, and Stellar ranged from 3% to 10%.
Bitcoin has gained 3% today and is currently trading above $86,000. “The key resistance level to keep an eye on is $86,700; a breakout could lead to $90,000,” Giottus CEO Vikram Subburaj stated.
Dominance increased to 60.73% as Bitcoin’s market capitalisation soared to $1.727 trillion. According to CoinMarketCap, stablecoin transactions comprised 94.74% of all cryptocurrency trade, or $57.58 billion, while its 24-hour trading volume increased by 93% to $18.2 billion.
Positive Market Sentiment Helps Solana Outperform Peers
After rising more than 7% in the last day to trade above $139, Solana (SOL) proved to be an exceptional performer.
Reports indicating that President Trump’s tariffs on April 2 would be more targeted than first thought, allaying market fears, drove the rally.
Rumors over the weekend suggested that the tariffs would contain non-cumulative metals charges and country exemptions, boosting confidence in international markets.
Risk assets were further bolstered by the Federal Reserve’s forecasts of two rate cuts this year, which the central bank described as “transitory” in light of possible tariff-induced inflation.
Bitcoin’s trajectory is encouraging, according to BitMEX co-founder Arthur Hayes, who said, “The Fed’s policy orientation could help Bitcoin achieve $110k before it retests $76.5k.”
The momentum behind Solana coincides with previously unheard-of acceptance rates. According to DeFiLlama, Solana’s total value locked (TVL) hit 54.87 million SOL, the most since June 2022. According to Ali Charts, a record 11.09 million addresses currently have SOL, highlighting the rising use.
What To Note
- Furthermore, Ethereum and Solana have just bridged assets totaling more than $72 million. Ethereum’s weekly active addresses (1.8 million) are greatly outnumbered by Solana’s (17 million), and Binance’s increasing SOL wallet balances suggest new stockpiling after previous selling activity.
- On March 21, Volatility Shares introduced two Solana futures ETFs (SOLZ and SOLT) on the Nasdaq, demonstrating the growing institutional adoption of Solana.
- Significant asset managers, including VanEck and Franklin Templeton, have also expressed interest in cryptocurrency by applying for spot Solana ETFs.
