Key Takeaways
Bitcoin’s price reached $87,000 for the first time since Jan. 30, driving a broader market rally for altcoins.Ether rose 6% to $2,770, while BNB, XRP, and DOGE posted double-digit gains across top crypto markets.On-chain firm Santiment noted that $648 million in short liquidations helped accelerate market momentum.
Bitcoin Rally Triggers Market-Wide Altcoin Gains
Several high-cap altcoins surged Monday amid a market-wide cryptocurrency rally that saw bitcoin price breach $87,000 for the first time since Jan. 30. Ether (ETH) led the charge as the second-largest digital asset briefly touched $2,800 before selling pressure pulled it back to $2,770. The asset’s 6% surge lifted its market capitalization to $338 billion and narrowed its year-to-date losses to less than 7%.
While ETH remains 44% below its Aug. 24, 2025, all-time high of $4,946.05, its nearly 15% jump since the beginning of the month revived hopes that it could approach Standard Chartered’s price target of $7,500 by year-end. Meanwhile, several technical analysts expect ETH to test resistance at $3,000, though some warned that a bull trap may be forming.
BNB, which has solidified its position as the fourth-ranked cryptocurrency in recent months, surpassed $800 for the first time since late January. Market data shows BNB reached $806 before volatile trading saw it fluctuate between $796 and $806.XRP was among a handful of digital assets to log double-digit gains over 24 hours, jumping from $1.40 to $1.54. However, XRP’s year-to-date losses remain above 10%, indicating its price recovery has lagged behind bitcoin and other high-cap altcoins.
DOGE posted the largest gain among top-tier altcoins, rising 14%. Other notable gainers included XLM, up 11%; SUI, up 15%; and TAO, up 19%.
Despite widespread bullish momentum, a handful of altcoins trended lower. Zcash (ZEC), which rallied sharply in recent weeks, dipped 1.4% on the day but maintained a 24-week-to-date gain of more than 24%. NEAR fell 1.6%, RAIN dropped 0.9%, and ENA slipped 4.7%. With most altcoins gaining between 3% and 10%, total altcoin market capitalization rose from approximately $1.25 trillion to nearly $1.3 trillion.
Volume Expansion and Squeeze Dynamics
According to market intelligence platform Santiment, trading activity has snapped higher alongside prices, with bitcoin and major altcoins posting their highest combined weekly volume since early March. “Sudden volume expansion usually means the crowd has flipped from hesitation to conviction. More traders are chasing breakouts, rotating into altcoins, and reopening leveraged positions as confidence returns,” Santiment said in a post on X.
Santiment also noted that a short squeeze helped accelerate the rally, with roughly $648 million in bearish positions liquidated as bitcoin approached $85,000. Still, the firm urged caution:
“Rising volume can validate a breakout, but extremes deserve caution. Strong participation supports momentum while buyers keep showing up, yet another vertical volume surge could eventually signal FOMO becoming crowded rather than fresh demand.”
