Bitcoin broke through the $87,000 mark for the first time since late January, triggering a broader rally in alternative coins (altcoins). Ethereum (ETH) rose by 6% to reach $2,770, reviving optimism about long-term targets despite remaining more than 40% below its all-time high.
### Key points
- Bitcoin’s price reached $87,000 for the first time since January 30, driving a broader rally across the altcoin market.
- Ether rose 6% to $2,770, while BNB, XRP, and DOGE logged double-digit gains in the leading cryptocurrency markets.
- Analytics firm Santiment indicated that the liquidation of $648 million in short positions helped accelerate market momentum.
### Bitcoin’s rally sparks broad gains in altcoins
Several alternative coins with high market capitalization saw gains on Monday amid a general upswing in the cryptocurrency market, as Bitcoin’s price broke above the $87,000 mark for the first time since January 30.
Ether (ETH) led the rally as the second-largest digital asset, briefly touching the $2,800 level before selling pressure pulled it down to $2,770. Its 6% rise lifted its market value to $338 billion, cutting its losses since the start of the year to less than 7%.
Although Ether is still 44% below its all-time high on August 24, 2025 at $4,946.05, its rise of around 15% since the start of the month has rekindled hopes that it could approach Standard Chartered’s year-end target of $7,500. Several technical analysts expect Ether to test the $3,000 resistance level, even as some warn of the possibility of a bull trap.
As for BNB, which has strengthened its position as the fourth-largest cryptocurrency in recent months, it surpassed the $800 mark for the first time since late January. According to market data, BNB reached $806 before fluctuating between $796 and $806 in choppy trading.
XRP was among the few digital assets to post double-digit gains over a 24-hour period, jumping from $1.40 to $1.54. However, its losses since the start of the year are still above 10%, suggesting that its price recovery has lagged behind Bitcoin and some high-cap altcoins.
DOGE recorded the biggest gains among top-tier altcoins with a 14% increase. Other notable winners included: XLM up 11%, SUI up 15%, and TAO up 19%.
Despite the broad bullish momentum, some altcoins declined. Zcash (ZEC) fell 1.4% over the day, even as it still held gains of more than 24% over 24 weeks. NEAR dropped 1.6%, RAIN fell 0.9%, and ENA slid 4.7%. With most altcoins up between 3% and 10%, the total altcoin market value rose from about $1.25 trillion to nearly $1.3 trillion.
### Trading volume expands and short-pressure dynamics
According to market intelligence platform Santiment, trading activity rose in tandem with prices, with Bitcoin and major altcoins recording the highest combined weekly trading volume since early March.
Santiment said in a post on the X platform:
«A sudden expansion in volume usually means the audience moved from hesitation to conviction. More traders are chasing breakouts, rotating to altcoins, and reopening leveraged positions as confidence returns.»
Santiment also noted that short pressure (short squeeze) helped speed up the rally, with the liquidation of about $648 million in bearish positions as Bitcoin neared $85,000. However, the company urged caution:
«A rise in breakout volume can confirm the move, but extreme cases deserve caution. Strong participation supports momentum as long as buyers keep showing up, but any further vertical jump in volume may ultimately indicate that FOMO has become crowded rather than representing fresh demand.»
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