BUSINESS NEWS: BITCOIN HITS $87 AS CRYPTO GAINS AT TRADING
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Leading cryptocurrencies, including Bitcoin, continued to rise on Monday, reaching $87.
Despite worries about impending U.S. tariffs and important economic data releases later this week, good investor optimism saw Ethereum rise 4.05% to $2,093 and Bitcoin rise 3.71% to $87,480 as of 9:55 am WAT.
Over the course of the last day, the worldwide cryptocurrency market capitalization 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 is holding above $86,000, registering a 3% gain today. 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 capitalisation 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.
Institutional acceptance of Solana continues to grow, 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, signalling increased 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.”
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