Bitcoin and Solana continue to climb as rebounds for the broader cryptocurrency market following volatility in early April. Bitcoin rose to $91,100, a 7% increase since April 2nd, but in the same period Solana rose 14.5% to $145. Overall, global crypto market capitalization has grown by 6% to $295 trillion, with Bitcoin still maintaining a 60% share. The rally comes despite political tensions and economic uncertainty following President Donald Trump’s broad mutual tariff announcement, which initially caused market uncertainty.
The price rise in Solana is particularly noteworthy given recent developments, including bankrupt exchange FTX. Around 11 million Sol Tokens, which is around $160 billion and around $16 billion, has been unlocked from the FTX Estate, the largest release since January 2021. Usually, such token inflows push prices down, but that didn’t happen. Analysts suggest that the market is already absorbing the impact and interest in tokens remains strong. Matthew Nay, research analyst at Messari, said Token was oversold, pointing to renewed interest due to future updates to the network, including Firedancer Balidator clients.
Solana Network’s meme coins are also gaining traction. Developed by AI agent Truth Terminal, Fartcoin has risen 21% to a market capitalization of $1.08 billion over the past 24 hours. It surpasses Bonk to become Solana’s second largest meme coin and is now approaching the official Trump (Trump), the current leader among Solana-based meme coins.
Bitcoin is gaining momentum as a safe haven and valuable storage. That continued rise is attributed to increased recruitment by institutional investors and the launch of Spot ETFs. David Duong, head of research at Coinbase Institutional, emphasized that Bitcoin is embedded in traditional investment portfolios. On Tuesday, Bitcoin peaked at $93,461, the highest price since early March, up 18% over the past two weeks.
Other major cryptocurrencies also benefited. Ethereum rose nearly 8% to $1,703, DogeCoin rose to 9% to $0.172, while XRP rose 3% to $2.15. Some of these tokens have fallen below their recent peak, but the wider market shows signs of a recovery.
Crypto liquidation totaled $347 million over the past 24 hours, with $255 million coming from the short position. Bitcoin accounted for $142 million of this, while Ethereum accounted for $90 million. The broader mood of financial markets has improved slightly as hopes for a decline in trade tensions between the US and China increased.