Bitcoin and major cryptocurrencies saw substantial gains during early trading on Monday, with Bitcoin reaching around $87,480, marking a 3.71% increase. Ethereum also enjoyed a notable rise, climbing 4.05% to $2,093.

The overall cryptocurrency market capitalization grew by 2.94% in the past 24 hours, now sitting at $2.84 trillion. This upward momentum persisted despite concerns surrounding potential U.S. tariffs and the expected release of key economic data later this week, signaling strong investor confidence in the crypto sector.

Other notable performers included XRP, Cardano, and Dogecoin, which rose by 3%, 2%, and 3.8%, respectively. Chainlink, Avalanche, Hedera, and Stellar posted gains ranging from 3% to 10%.

“Bitcoin is holding strong above $86,000, with a 3% gain today. The key resistance level to watch is $86,700; if it breaks through, it could pave the way for a move towards $90,000,” said Vikram Subburaj, CEO of Giottus.

Bitcoin’s market capitalization surged to $1.727 trillion, with its dominance increasing to 60.73%. Its 24-hour trading volume spiked by 93%, reaching $18.2 billion. Stablecoin transactions represented 94.74% of total crypto trading, amounting to $57.58 billion, according to CoinMarketCap.

Solana stood out as a top performer, surging more than 7% in the last 24 hours, trading above $139. The rally was fueled by reports indicating that President Trump’s upcoming tariffs on April 2 may be more targeted than initially feared, easing market worries.

Solana’s growth coincides with unprecedented acceptance. DeFiLlama reported that Solana’s total value locked (TVL) hit 54.87 million SOL, its highest since June 2022. According to Ali Charts, a record 11.09 million addresses now hold SOL, highlighting increasing adoption.

Moreover, over $72 million worth of assets have recently been bridged from Ethereum to Solana. Solana’s weekly active addresses (17 million) far exceed Ethereum’s (1.8 million), while Binance’s growing SOL wallet balances suggest fresh accumulation following recent sell-offs.

Institutional acceptance of Solana continues to rise, 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, signaling heightened interest in the cryptocurrency.

BitMEX co-founder Arthur Hayes expressed optimism about Bitcoin’s future, stating, “The Fed’s policy orientation could help Bitcoin reach $110k before it retests $76.5k.”