The crypto market surged on Monday, with Bitcoin leading the rally, fueled by bullish institutional developments and growing anticipation around regulatory clarity and upcoming monetary policy decisions.
Bitcoin Nears All-Time High
Bitcoin (BTC) climbed 3.1% to $108,600, closing in on its historical all-time high. The sharp price increase reflects renewed investor confidence after last week’s brief correction. As of the latest figures, BTC is trading around $106,728.25, showing strong bullish momentum.
“BTC has mostly served as a trigger for altcoins,” as observed in the market dynamics—signaling that Bitcoin remains the primary force driving the market’s overall direction.
Altcoins Join the Rally
Altcoins also experienced notable gains:
- XRP surged to $2.24, boosted by the announcement of a spot XRP ETF launch in Canada.
- Chainlink (LINK) rose 6-7%, reaching $13.48.
- The broader index of top cryptocurrencies (excluding memecoins and exchange coins) was up 4.3%, showing widespread market optimism.
However, analysts caution that these gains are still tied closely to Bitcoin’s movements, not a full-fledged altcoin season.
JPMorgan’s Crypto Push and ETF Launches Fuel Sentiment
Investor sentiment was further lifted by JPMorgan’s recent trademark filing, indicating plans to offer digital asset services, including trading, exchange, and payments.
Simultaneously, the launch of altcoin-focused ETFs, such as the spot XRP ETF, is signaling growing institutional appetite for diversified crypto exposure.
These developments highlight the expanding infrastructure and mainstream acceptance of digital assets.
Traditional Markets Recover as Risk Appetite Grows
The broader financial markets also bounced back:
- S&P 500 rose 0.9%
- Nasdaq climbed 1.4%
- Gold declined 1.5%, signaling a return to risk assets
Crypto-related stocks responded positively:
- Coinbase (COIN) gained 7.7%
- Circle (CRCL) climbed 13%
- Bitcoin miners like Bitdeer and Hut 8 rose 6.9% and 5.6%, respectively
Market Outlook Ahead of Fed Meeting
Investors now turn their focus to the Federal Reserve’s upcoming decision. The consensus expects interest rates to remain steady, but market participants will be watching Fed Chair Jerome Powell’s remarks closely for signals on future monetary policy direction.
Holding above the $102,000–$103,000 zone is crucial for Bitcoin, as analysts note it could signal a strong support base and the absorption of recent selling pressure.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.