What’s Driving Today’s Crypto Surge? – January 22, 2026

The cryptocurrency market has seen an uptick today following a series of days characterized by declining prices. The total market capitalization for cryptocurrencies rose by 1.5% in the last 24 hours, reaching $3.13 trillion. As of this moment, 87 out of the top 100 digital currencies have experienced gains. The overall trading volume in the crypto market is currently at $149 billion.

TLDR:

The crypto market cap increased by 1.5% on Thursday morning (UTC);

87 of the top 100 coins and all top 10 coins have gained value;

BTC and ETH both rose by 0.7%, now priced at $89,853 and $2,986, respectively;

BTC’s price movement remains delicate below $90,000;

Future upward movement is likely to be limited;

‘Long-term holders are still a hidden source of resistance’;

BTC’s price changes are influenced ‘more by a lack of pressure than by strong conviction’;

Institutional and corporate interest remains cautious;

The US crypto market structure legislation will undergo markup on 27 January;

Ark Invest suggests that digital assets could reach a market value of $28 trillion by 2030;

US BTC and ETH spot ETFs experienced the most significant pullback since November and December, respectively;

The sentiment in the crypto market has slightly improved but remains within the fear zone.

Crypto Winners & Losers

As of Thursday morning (UTC), all top 10 coins by market capitalization have shown a rebound, with their prices rising in the last 24 hours.

Bitcoin (BTC) has risen by 0.7%, currently trading at $89,853.

Bitcoin (BTC)24h7d30d1yAll time

Ethereum (ETH) also saw an increase of 0.7%, now changing hands at $2,986. These are the smallest gains in this category for BTC and ETH.

The most significant rise among the top 10 is attributed to XRP, which has increased by 2.3%, now priced at $1.95.

Solana (SOL) follows with a 1.7% increase, currently trading at $129.

Among the top 100 coins by market cap, 87 have experienced price increases today.

Canton (CC) leads with a 12.2% rise to $0.1492.

Next is Rain (RAIN), which has appreciated by 9.5%, trading at $0.009421.

Conversely, leading the list of declining coins is Midnight (NIGHT), which has fallen by 5.3% to $0.05828.

MemeCore (M) has posted a decrease of 3.5%, currently trading at $1.6.

Meanwhile, the US Senate Agriculture Committee has released updated legislation on crypto market structure and scheduled a markup for 27 January, though it lacks Democratic backing.

“While it’s regrettable that we couldn’t reach a consensus, I appreciate the collaboration that has improved this legislation,” stated Chairman John Boozman.

BREAKING: Chairman @JohnBoozman announces updated market structure legislation prior to the January 27th markup. https://t.co/PB7O9FMJlZ pic.twitter.com/k7FuIBgEsk

— Senate Ag Committee Republicans (@SenateAgGOP) January 22, 2026

BTC’s Price Action Remains Fragile Below $90,000

According to Glassnode’s latest analysis, without new demand strong enough to absorb the existing supply, long-term holders will continue to present a hidden resistance.

“Consequently, upward movements are likely to be limited, with rallies susceptible to renewed selling unless this supply overhang is decisively addressed,” the analysts note.

They further explain that the market is establishing a base, consolidating from a pause in conviction as investors await the next catalyst for broader participation—not from excessive engagement.

Bitcoin remains in a phase of low participation. Its price movements are influenced “more by the absence of pressure than by strong conviction.” They state that,

“[BTC’s] price action continues to be fragile below $90,000, which is likely to serve as a friction point. To reclaim it sustainably, sufficient momentum and confidence are required to absorb dealer hedging flows and increase gamma exposure.”

Additionally, institutional and corporate demand is cautious. Treasury flows are stabilizing around neutral, while activity is concentrated in isolated transactions.

Participation in derivatives is low. Futures volume is constrained, and leverage deployment is muted. This reinforces “a low-liquidity environment where prices are increasingly sensitive to minor positioning adjustments.”

Finally, “options markets reflect this caution” as well, according to the report. “Volatility repricing has been limited to the front end, hedging demand has normalized, and a high volatility risk premium continues to anchor implied volatility.”

Levels & Events to Watch Next

As of Thursday morning, BTC was trading at $89,853. The coin briefly dipped to $87,304 earlier in the day. However, for the most part, it traded sideways, reaching a high of $90,295.

Currently, BTC is down 7.3% over the past week, fluctuating within the range of $87,653–$96,937.

Looking ahead, key support levels are identified at $87,400 and $85,900. A decline below these levels might trigger a drop beneath $80,000. Resistance currently stands at $90,400 and $92,300.

Bitcoin Price Chart. Source: TradingView

At the same time, Ethereum was trading at $2,986. Earlier in the day, its price fell from $3,014 to an intraday low of $2,872. It then surged to an intraday high of $3,052 but could not maintain this level. Nevertheless, it traded mostly sideways.

Over the past week, ETH has declined by 11.3%, moving between $2,898 and $3,374.

Currently, its price is still at risk of dropping toward the $2,500 mark. However, analysts believe it could reach $3,500 by Q2 and potentially $4,500 in the second half of the year.

Ethereum (ETH)24h7d30d1yAll time

Meanwhile, the sentiment in the crypto market has shown a slight uptick over the past day, remaining within the fear zone.

The crypto fear and greed index has risen from 32 yesterday to 34 today. A stronger push would be required to move it out of the fear zone and back into neutral territory.

As previously noted, caution, fear, and uncertainty among market participants are on the rise, driven by macroeconomic and geopolitical conditions. Constantly changing news from the US is not contributing positively. We may observe the metric decline further in the short term.

ETFs See the Highest Drop in Two Months

On 21 January, US BTC spot exchange-traded funds (ETFs) experienced significant outflows totaling $708.71 million. This marks the highest level since mid-November 2025. The total net inflow has decreased to below $57 billion, standing at $56.63 billion.

Among the twelve ETFs, six reported outflows, while one recorded inflows. The one with inflows is VanEck, bringing in $6.35 million.

In contrast, the largest outflows were from BlackRock, which saw $356.64 million in outflows. Fidelity follows with $287.67 million in outflows.

Additionally, US ETH ETFs recorded their second consecutive day of negative flow, totaling $286.95 million. This is the highest amount since mid-December 2025, resulting in the total net inflow dropping to $12.4 billion.

Out of the nine funds, four ETH ETFs saw outflows, while one reported inflows. Grayscale secured $10.01 million in inflows.

BlackRock once again leads the outflows, accounting for a significant portion at $250.27 million. Following closely is Fidelity, with negative flows of $30.89 million.

Meanwhile, Cathie Wood’s Ark Invest asserts that digital assets could achieve a market value of $28 trillion by 2030. This represents an increase from approximately $3.13 trillion today, equating to nearly a 9x growth.

“We anticipate that Bitcoin could represent 70% of the market,” it stated, with the remainder led by smart contract networks like Ethereum and Solana.

Quick FAQ

1. Did crypto move with stocks today?

The cryptocurrency market has finally experienced a green day after several days of predominantly red. Concurrently, the US stock market closed sharply higher on Wednesday, following the most significant losses since October. By the end of trading on 21 January, the S&P 500 had risen by 1.16%, the Nasdaq-100 increased by 1.36%, and the Dow Jones Industrial Average climbed by 1.21%. This comes amid indications that the US has chosen to refrain from military action in Greenland and is not imposing tariffs on eight NATO allies.

1. Is this rally sustainable?

There remains potential for the cryptocurrency market to decline. It is facing pressure from overall geopolitical and economic uncertainties. However, in the short term, it might establish a base for another upward movement, even if it turns out to be temporary.

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