Bitcoin and other leading cryptocurrencies extended their gains

Bitcoin and other leading cryptocurrencies extended their gains on Monday, hitting $87.

Bitcoin and other leading cryptocurrencies continued their rally on Monday, with the world’s leading digital asset hitting $87,000 as optimism over U.S. tariffs and key economic data later this week kept investor mood buoyant.

Bitcoin rose 3.71% in the past 24 hours to $87,480 by 9:55 am WAT, while Ethereum futures advanced 4.05% to $2,093.

The global cryptocurrency market cap increased by 2.94% to $2.84 trillion.

Among other movers, XRP, Cardano, and Dogecoin posted gains of 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar saw growth ranging from 3% to 10%.

“Bitcoin is trading above the $86,000 level and is up by 3% intraday. 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 cap 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 (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 unprecedented acceptance rates. DeFiLlama reported that Solana’s total value locked (TVL) reached 54.87 million SOL, its highest level since June 2022. Ali Charts revealed that a record 11.09 million addresses now hold SOL, underscoring growing adoption.

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

Institutions are also increasingly engaging with Solana, as evidenced by 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 further interest in the cryptocurrency.

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.”