The cryptocurrency market experienced a significant surge on Monday, with Bitcoin increasing by over 2% in the past 24 hours to reach $115,423 around 12:00 WAT. Ethereum led the gains among alternative cryptocurrencies, rising 6.77% to $4,196, while other major tokens such as BNB, XRP, Solana, Dogecoin, Tron, Cardano, and Hyperliquid recorded increases of up to 11% over the same period.
The overall global crypto market capitalization rose 3.72% to $3.89 trillion, reflecting renewed confidence and increased trading activity. The recent upswing in Bitcoin’s price is likely driven by market expectations of a Federal Reserve rate cut anticipated this Wednesday and positive developments in the ongoing US-China trade tensions.
Traders are closely watching as Bitcoin approaches the $120,000 mark, with anticipation also building ahead of the upcoming US Consumer Price Index (CPI) release. Hyperliquid recorded the sharpest 24-hour surge, jumping 10.51%, followed by Dogecoin, which gained 5.77%. These movements highlight growing interest in alternative digital assets as traders seek diversification and short-term momentum plays.
In terms of weekly performance, Bitcoin rose 4.70%, while Ethereum gained 4.25%. Other major tokens, including BNB, XRP, Solana, Dogecoin, Cardano, and Hyperliquid, posted weekly gains of up to 26%, underscoring the strength of the broader market rally. In contrast, Tron slipped 6.15%, making it the only major token to decline over the past seven days.
The surge in cryptocurrency prices is a significant development in the global financial market, with potential implications for investors and traders. As the market continues to evolve, it is likely that we will see further fluctuations in cryptocurrency prices. The upcoming US Consumer Price Index (CPI) release and the Federal Reserve’s decision on interest rates will be closely watched by market participants, and their outcomes may influence the direction of the cryptocurrency market in the coming days.
