The cryptocurrency market was buzzing on Monday as the total market cap crossed the $4 trillion mark again. The rally was driven by a massive surge in Bitcoin. Bitcoin (BTC) rocketed above the $121,500 mark, buoyed by favourable macroeconomic indicators—including potential upcoming US rate cuts—and political developments that expand institutional exposure to digital assets. Ethereum (ETH) continues to surge, now trading above $4,300, with a weekly gain estimated at 22%, driving technical sentiment bullish. The next critical resistance level lies near $4,094, with bullish momentum pointing toward targets in the $4,500–$5,000 range. XRP is holding firm around $3.26, underpinned by the US SEC’s dismissal of its legal case—a development that enhanced investor confidence. However, BlackRock’s absence from filing for an XRP ETF tempers some optimism. Solana (SOL) is trading near $184, supported by growing technical interest despite lingering infrastructure concerns. Fed official comments help sentiment Federal Reserve Vice Chair of Supervision Michelle Bowman said on Saturday that recent weak job data reinforces her concerns about labour market fragility and bolsters her view that three interest rate cuts will likely be appropriate this year. Bowman was one of two Fed governors who dissented last month against the central bank’s decision to keep short-term borrowing costs in the 4.25% to 4.50% range, where they have been since December. While most Fed officials have been cautious about lowering rates amid concerns that the Trump administration’s tariffs could hinder progress toward the Fed’s 2% inflation target, several policymakers in recent days have signalled greater openness to cuts. Bowman said acting at last week’s meeting would have helped guard against further deterioration in labour market conditions and additional weakening in economic activity. Her comments, delivered to the Kansas Bankers Association, placed greater emphasis on labour market risks than her post-meeting policy statement. Top crypto gainers and losers Ethena (ENA) led the gains with a surge of 12.54% to $0.8309, followed closely by Lido DAO (LDO), which climbed 12.32% to $1.47. Story (IP) advanced 7.11% to $6.95, while Pudgy Penguins (PENGU) gained 6.90% to $0.04115. Cronos (CRO) rounded out the top gainers with a 6.15% rise to $0.1669. On the downside, Pi (PI) was the biggest decliner, dropping 6.57% to $0.4029. Four (FORM) slipped 4.19% to $3.94, while Monero (XMR) retreated 3.83% to $266.46. Lido DAO (LDO) also saw intraday volatility despite its daily gain, with a 3.72% hourly decline noted. MemeCore (M) fell 2.06% to $0.4661, and KuCoin Token (KCS) eased 2.12% to $11.99. The post BTC surges 4% to $121K, ETH above $4,300: why crypto market is surging today appeared first on Invezz
