Bitcoin Soars to $87K as Crypto Market Defies Tariff Concerns

Bitcoin surged in early Monday trading, reaching approximately $87,480—a 3.71% increase that signaled renewed investor optimism in the crypto market. Ethereum followed suit, climbing 4.05% to trade at around $2,093. Overall, the cryptocurrency market capitalization jumped by 2.94% in the past 24 hours, now standing at a robust $2.84 trillion.

Despite looming concerns over potential U.S. tariffs and the release of key economic data later in the week, market momentum remained largely unshaken. Industry experts attribute this resilience to strong investor confidence and positive sentiment across major digital assets.

XRP, Cardano, and Dogecoin also recorded notable gains, posting increases of 3%, 2%, and 3.8% respectively. Other cryptocurrencies such as Chainlink, Avalanche, Hedera, and Stellar saw growth rates ranging between 3% and 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,” commented Vikram Subburaj, CEO of Giottus, underscoring the critical levels that traders are monitoring closely.

Bitcoin’s market dominance further solidified as its market capitalization soared to $1.727 trillion, and its share of the market climbed to 60.73%. Trading volumes were equally impressive, with the 24-hour trading volume surging by 93% to $18.2 billion. Stablecoin transactions played a significant role, accounting for 94.74% of total crypto trading and reaching $57.58 billion, according to CoinMarketCap.

Among the standout performers, Solana emerged as a key beneficiary of the rally, surging over 7% to trade above $139. Market reports indicate that President Trump’s April 2 tariffs may be more narrowly focused than initially feared, providing additional relief to the market and boosting Solana’s appeal.

Data from DeFiLlama highlighted Solana’s increasing traction, with its total value locked (TVL) reaching 54.87 million SOL—the highest level since June 2022.

Moreover, record adoption numbers were reported by Ali Charts, with 11.09 million addresses now holding SOL. Significant asset transfers have been observed, with over $72 million bridged from Ethereum to Solana, while weekly active addresses on Solana far outnumber those on Ethereum.

Institutional interest in Solana is also on the rise. Volatility Shares recently launched two Solana futures ETFs (SOLZ and SOLT on Nasdaq), and major asset managers like Franklin Templeton and VanEck have filed for spot Solana ETFs, signaling growing confidence in the platform.

Reflecting the buoyant market sentiment, 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.”

This wave of positive momentum across major cryptocurrencies underscores an evolving market landscape, one that continues to defy macroeconomic uncertainties and regulatory concerns.