Cryptocurrency prices have seen a strong boost over the past 24 hours, rising alongside a positive trend in global markets. Despite some ongoing concerns about the rising value of tech stocks, especially with the current hype around artificial intelligence (AI), investor confidence in crypto remains strong. A major reason for the boost in sentiment came from J.P. Morgan, which just completed a groundbreaking financial transaction on the Solana blockchain — a move seen as a big win for the crypto industry.

J.P. Morgan successfully arranged a U.S. commercial paper deal for Galaxy Digital Holdings LP using the public Solana blockchain. This is one of the first times debt has been issued and managed on a public blockchain in the U.S. The move shows growing institutional trust and support for blockchain technology. What’s more, the entire transaction was settled using USDC stablecoins, which are digital dollars issued by Circle. This marks a new milestone for how traditional financial instruments can be handled using crypto tools.

Thanks to this development and other positive market signals, the total global crypto market cap jumped 2.2% in the last 24 hours, now sitting at $3.14 trillion. Out of the top 100 cryptocurrencies, 64 gained over 1%, while only six saw losses greater than 1%.

Bitcoin (BTC), the largest cryptocurrency, climbed 2.6% in one day and is now trading at $92,387.44. Even though it’s still down about 27% from its all-time high of $126,198.07 set in October, Bitcoin has gained 1.2% over the past week. However, it’s still down 1.1% for the year so far.

Bitcoin Spot ETFs in the U.S. saw total net outflows of $77.5 million. This includes $103.6 million leaving Fidelity’s FBTC fund, despite iShares’ Bitcoin Trust (IBIT) bringing in $76.7 million in new investments.

Ethereum (ETH), the second-biggest crypto, rose 1.5% overnight to $3,247.27. It’s currently trading 34% below its record high of $4,953.73. So far this year, Ethereum has dropped 2.5%. Like Bitcoin ETFs, Ethereum Spot ETFs also saw some investor pullback with $42 million in net outflows.

Over the last day, Bitcoin traded between $93,554 and $89,335, while Ethereum ranged from $3,272 to $3,149.

Looking at other top cryptocurrencies:

– XRP (ranked #4) gained 1.8%, now priced at $2.04
– BNB (ranked #5) rose 2.4% to $888.12
– Solana (ranked #7) jumped an impressive 6.2% to $139.41
– TRON (ranked #8) slipped 1.1%, now at $0.2774
– Dogecoin (ranked #9) increased by 2.3%, reaching $0.1411
– Cardano (ranked #10) climbed 2.2%, now trading at $0.4253

Among the top 100 cryptocurrencies, Merlin Chain (MERL), ranked #100, led the gains with a surge of over 20%. Meanwhile, Tezos (XTZ), ranked #90, had the biggest drop with a loss of 3.7%.

The crypto market continues to evolve rapidly as major institutions like J.P. Morgan adopt blockchain technology and investors respond to both traditional market trends and innovations within crypto itself.