Kicking off the new week, the crypto market has witnessed positive signals from Bitcoin—the world’s largest cryptocurrency—and the TRUMP meme coin. These developments indicate a promising start to the week, hinting at potential bullish momentum across the broader market.
BTC’s price today
Today, BTC opened at $87K, showing a slight upward trend after days of price fluctuations within the $83K – $84K range. Previously, Bitcoin traded within a narrow range from March 20 to March 23, reaching a high of $84,500 and a low of $83,500.
Source: Coingecko
On Sunday, Bitcoin derivatives market data indicated that open interest (OI) had dropped by 1.77% to $51.9 billion. This rate represents the total number of outstanding derivatives contracts that have not yet been settled. The $51.9 billion figure suggests that traders were positioning themselves for potential price volatility. Therefore, on Monday, that indication of Bitcoin stands at $56.68 billion, showing the same pattern as the expectation from investors.
The long/short ratio on major exchanges such as Binance and OKX reflected a slightly bullish sentiment. According to Glassnode, whales accumulated an additional 45,000 BTC over the past week, bringing their total holdings to the highest level in six months. This accumulation occurred despite the low volatility phase, indicating that major investors were preparing for a potential price surge.
Source: Coinglass
On Monday, March 24, reports of significant Bitcoin purchases by major players like Strategy, Metaplanet, and El Salvador paved the way for BTC’s sharp rise to $87K. This surge reflects improving investor confidence, reinforced by a series of unexpected twists from the Trump administration and ambiguous tariff policies.
This event aligns with speculation that the IMF may incorporate Bitcoin into its reserves. However, concerns over market corrections and economic impacts of high valuations persist. Meanwhile, shifting U.S. political sentiment, with some policymakers advocating government Bitcoin acquisitions, hints at potential regulatory shifts ahead.
Learn more: Polymarket: Most Users Bet on Bitcoin decline to $75K by April
A strong BTC buying wave from major players
El Salvador, the first country to legalize Bitcoin as an official currency, added 8 BTC, bringing its total holdings to 6,124.18 BTC. Although the amount is relatively small, this move is symbolically significant, demonstrating the government’s ongoing commitment to Bitcoin accumulation despite market fluctuations. This reinforces investor confidence in Bitcoin’s adoption at a national level.
MicroStrategy, the world’s largest corporate Bitcoin holder led by Michael Saylor, continues to hint at further BTC purchases. Currently, MicroStrategy holds 499,226 BTC, equivalent to $42.7 billion, representing approximately 2.5% of Bitcoin’s total supply. With its significant influence, every new Bitcoin acquisition by MicroStrategy creates a FOMO effect in the market, encouraging institutional and retail investors to accumulate more BTC, thereby increasing buying pressure.
Source: Strategy
Other Fund such as Metaplanet, a publicly traded company on the Tokyo Stock Exchange, often referred to as the “MicroStrategy of Asia,” purchased an additional 150 BTC, increasing its total Bitcoin reserves to 3,350 BTC, worth $428.8 million. This move appears right after the news of the appointment of Eric Trump—son of Donald Trump—to the strategic advisory board.
$TRUMP saw a 10% increase today
Another interesting highlight of the day is about the memecoin $TRUMP. At noon on March 23, former U.S. President Donald Trump shocked the crypto market by officially endorsing the TRUMP meme coin on Truth Social. Trump described the token bearing his name as “very cool” and even called it “the greatest of them all.”
Following his statement, TRUMP’s price surged by 10%, jumping from approximately $10.9 to $12. As a result, the meme token’s market capitalization gained an additional $100 million. Despite the short-term rally, TRUMP is still trading 85% below its all-time high and continues its prolonged downtrend since its launch.
Source: Coingecko
$TRUMP is a meme coin tied to U.S. President Donald Trump, launched on the Solana blockchain on January 17, 2025, days before his inauguration. The token’s logo further reinforces this message—it features a cartoon image of Trump raising his fist, inspired by the assassination attempt in July 2024.
This event has since become a symbol of loyalty, and the project has strategically leveraged this narrative to attract buyers. By tapping into the emotional and political significance of the incident, TRUMP memecoin capitalizes on its namesake’s strong supporter base, turning sentiment into market momentum.
