Crypto markets rallied sharply on Monday, with Bitcoin rising to $69,031 and reclaiming the $69,000 level, while Ethereum climbed to $2,028, its first move above $2,000 in weeks. The rebound followed several sessions dominated by fear, but sentiment shifted after a policy signal from Washington and new institutional purchases hit the market.
$110 Billion Added Across the Market in 15 Hours
Bitcoin gained 3.15% over 24 hours and 5.57% in the last 15 hours alone, adding $80 billion to its market capitalization in a single session. Ethereum advanced 4.71% on the day. Across the broader digital asset market, total capitalization increased by $110 billion in 15 hours, pushing the combined value to $2.35 trillion.
Short covering added force to the move. As prices rose, nearly $120 million in short positions were liquidated, creating more upside pressure as bearish trades were closed out. Beyond Bitcoin and Ethereum, Solana added 3.81%, BNB rose 3.92%, and Cardano posted a 10.40% seven-day gain. The rally was not limited to the two largest tokens, though Bitcoin remained the main driver.
Treasury Report and Institutional Buying Drove the Move
Two catalysts stood out. The first came from Washington. On March 5, the U.S. Treasury Department formally acknowledged legitimate uses for cryptocurrency mixing tools in a report to Congress. For a market that has spent months dealing with regulatory pressure, that change in tone was enough to release pent-up demand.
The second came from institutional buyers. Strategy, formerly MicroStrategy, said it purchased 17,994 Bitcoin for $1.28 billion, lifting its total holdings to 738,731 BTC. The company described it as its second-largest Bitcoin purchase of 2026. Separately, Tom Lee’s BitMine bought $122 million worth of Ethereum. Public allocations of that size often draw added attention from the rest of the market.
Sentiment Improved, but Fear Has Not Disappeared
Market mood has recovered, though only partially. The Fear & Greed Index moved from 17 to 22 overnight, which still leaves it in fear territory but well above recent lows. Average crypto RSI reached 50.48, returning to neutral after weeks of oversold readings.
The Altcoin Season Index stands at 35. That reading suggests this rebound is still led by Bitcoin rather than by broad speculative rotation into smaller-cap tokens.
Traders Are Watching the $2.4 Trillion Level
Analysts are tracking whether the total crypto market cap can break cleanly above $2.4 trillion. If that level gives way, the next area in focus is $2.52 trillion. Another near-term marker is the weekly U.S. Bitcoin ETF flow data due on March 13: continued inflows would support the current move, while a return to outflows could send the market back toward recent lows.
Macro risks remain in place. The report noted that oil is still above $100 a barrel, the Strait of Hormuz remains closed, and geopolitical tensions have not eased. Crypto’s correlation with the Nasdaq is currently 69%, leaving this week’s equity market performance closely tied to digital asset price action.