Bitcoin and other leading cryptocurrencies extended their gains on Monday, driven by strong investor sentiment despite looming U.S. tariffs and key economic data releases later this week.
As of 7:00 AM WAT, Bitcoin climbed 3.2% to $86,590, while Ethereum followed suit with a 2.3% gain, trading at $2,047. The global cryptocurrency market capitalization surged by 2.94% over the past 24 hours, reaching an impressive $2.84 trillion.
Several major altcoins also posted notable gains. XRP, Cardano, and Dogecoin recorded increases of 3%, 2%, and 3.8%, respectively. Meanwhile, Chainlink, Avalanche, Hedera, and Stellar exhibited growth ranging between 3% and 10%.
“Bitcoin is maintaining its position above $86,000, posting a 3% increase today. The critical resistance level to watch is $86,700—if surpassed, we could see Bitcoin testing the $90,000 mark,” noted Vikram Subburaj, CEO of Giottus.
Bitcoin’s market capitalization has risen to $1.727 trillion, with its dominance in the crypto market increasing to 60.73%. Trading volume has also seen a significant spike, soaring by 93% in the past 24 hours to reach $18.2 billion.
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Additionally, stablecoin transactions accounted for a remarkable 94.74% of total crypto trading, totaling $57.58 billion, according to CoinMarketCap.
One of the standout performers in the market was Solana (SOL), which surged over 7% in the past 24 hours to trade above $139. This rally was largely attributed to reports that President Trump’s April 2 tariffs might be less severe than initially anticipated.
Speculation that exemptions could be granted and that non-cumulative charges might be imposed on metals helped ease market concerns, boosting risk assets across global markets.
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The Federal Reserve’s projections for two interest rate cuts in 2025 also played a role in fueling optimism. The central bank reassured investors that any inflationary pressure from new tariffs would likely be “transitory.”
BitMEX co-founder Arthur Hayes weighed in on Bitcoin’s trajectory, stating, “The Fed’s policy stance could help Bitcoin reach $110,000 before any potential retest of the $76,500 level.”
Beyond its price surge, Solana’s growing adoption continues to drive momentum. According to DeFiLlama, Solana’s total value locked (TVL) has 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, highlighting the increasing confidence in the network.
With macroeconomic factors playing a pivotal role in shaping market trends, crypto investors are closely monitoring developments in U.S. trade policy and Federal Reserve decisions. If bullish sentiment persists, Bitcoin and other major cryptocurrencies could continue their upward trajectory, with key resistance levels serving as critical milestones.
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