Bitcoin Surges Above $86,000 as Crypto Market Rides Positive Sentiment

Bitcoin and other leading cryptocurrencies experienced notable gains on Monday, driven by strong investor optimism. Bitcoin rose 3.2%, reaching $86,590, while Ethereum gained 2.3%, trading at $2,047. The global cryptocurrency market capitalization increased by 2.94%, hitting $2.84 trillion. Other notable performers included XRP, Cardano, and Dogecoin, with gains of 3%, 2%, and 3.8%, respectively, while several other altcoins saw growth of 3% to 10%.

Bitcoin’s market capitalization surged to $1.727 trillion, and its dominance rose to 60.73%. Trading volume jumped by 93% to $18.2 billion, with stablecoin transactions making up nearly 95% of total crypto trading. Experts suggest that Bitcoin is holding steady above the key $86,000 mark, and a breakout beyond $86,700 could potentially push the price toward $90,000.

Solana (SOL) stood out among the top performers, surging over 7% to trade above $139. The positive momentum was fueled by reduced concerns over U.S. tariffs and optimism surrounding Federal Reserve rate cuts. Rumors that the tariffs might be more targeted than initially expected helped improve sentiment, contributing to the rally in Solana and other cryptocurrencies. Furthermore, Solana’s growing adoption is evident, with its total value locked (TVL) hitting an all-time high and a record number of addresses now holding SOL.

Institutional interest in Solana is on the rise, with major asset managers such as Franklin Templeton and VanEck applying for spot Solana ETFs. In addition, the launch of Solana futures ETFs on Nasdaq has added to the increasing institutional acceptance. Over $72 million in assets were recently transferred from Ethereum to Solana, highlighting the growing confidence in the cryptocurrency and further solidifying Solana’s position in the market.

source: naira metrics