Crypto Market Surges Past Multi-Month Peak as Bitcoin Hits $87,000
The cryptocurrency market reached a multi-month peak on Monday after Bitcoin's massive run. The total crypto market cap hit over $2.9 trillion, while Bitcoin itself surged past $87,000 for the first time since late January before cooling down to around $86,000. This rally was fueled by massive ETF inflows.
Altcoins also saw significant gains, with Ripple's XRP reclaiming its key resistance level at $1.50 after a 4% increase in the past 24 hours. Dogecoin neared $0.10, and Ethereum touched $2,800 briefly before sliding to $2,750.
The Federal Reserve increased rates for the first time since July 2023, but the BOJ's decision to mimic the Fed didn't harm Bitcoin. Instead, it rebounded to over $78,000 before initiating another leg up that afternoon to over $80,000.