What’s Driving Today’s Crypto Surge? – January 28, 2026

The cryptocurrency market is experiencing an upswing today. After fluctuating between gains and losses yesterday, remaining stable compared to the previous day, the market capitalization of cryptocurrencies has risen by 2.2% in the last 24 hours, reaching $3.12 trillion. Additionally, 90 of the top 100 cryptocurrencies have recorded price increases. The overall trading volume in the crypto market is currently at $128 billion.

TLDR:

Crypto market capitalization has risen by 2.2% on Wednesday morning (UTC);

90 of the top 100 cryptocurrencies and 9 of the top 10 cryptocurrencies have increased in value;

BTC rose by 1.7% to $89,419, while ETH climbed 3.8% to $3,020;

Bitcoin also surged in early Asian trading;

ETH is trading in a crucial breakeven zone for numerous holders;

Bitwise Chief Investment Officer Matt Hougan asserts that the crypto sector has a vital three-year period to demonstrate its real-world applicability;

‘The longer Bitcoin stays below $100,000, the more downward momentum will develop’;

A lawmaker from South Dakota has reintroduced a bill allowing the state to invest 10% of its public funds in BTC.

US spot BTC and ETH ETFs experienced outflows of $147.37 million and $63.53 million, respectively;

Market sentiment in crypto saw an uptick but remains in the fear zone.

Crypto Winners & Losers

On Wednesday morning (UTC), 9 out of the top 10 cryptocurrencies by market capitalization have experienced price appreciation.

Bitcoin (BTC) has risen by 1.7%, currently trading at $89,419. This is the lowest percentage increase in the category.

Bitcoin (BTC)24h7d30d1yAll time

Ethereum (ETH) saw a price increase of 3.8%, trading at $3,020. This represents the second-highest increase in the category.

Among the top performers is Binance Coin (BNB), which has gained 3.4%, now priced at $905.

Conversely, the only decrease among the top 10 is 0.7% from Tron (TRX), currently trading at $0.2921.

Additionally, of the top 100 cryptocurrencies by market capitalization, 90 have recorded price increases today.

Hyperliquid (HYPE) is the standout gainer of the day, boasting the only double-digit rise in the category at 25.3%, reaching $34.62.

Canton (CC) follows closely with a 9.4% increase to $0.1655.

On the downside, River (RIVER) leads with a decline of 9.3%, now priced at $54.55.

Provenance Blockchain (HASH) follows with a drop of 7.6% to $0.02531.

The remaining cryptocurrencies have seen declines of 3% or less.

Meanwhile, Bitcoin also experienced a rise in early Asian trading, initially starting with a volatile opening. Investors have since shifted their focus to US earnings and discussions regarding additional funding for OpenAI.

Bitcoin approached $89,000 in Asia, but limited ETF inflows and lighter derivatives positioning kept traders cautious ahead of US earnings.#bitcoin #AsiaMarketOpenhttps://t.co/pNFPJkn2DS

— Cryptonews.com (@cryptonews) January 28, 2026

ETH Trading In a Key Zone

Bitwise Chief Investment Officer Matt Hougan recently mentioned that cryptocurrency markets are currently in a crucial three-year timeframe to validate their real-world utility. Otherwise, the persistent legislative ambiguity in the US could impede industry progress.

“If, after three years, we are utilizing stablecoins and trading tokenized stocks, we will receive favorable crypto legislation regardless of the administration in charge,” Hougan stated. “However, if crypto continues to operate on the fringes, a shift in Washington could pose a significant setback.”

Glassnode analyst Chris Beamish shared on Twitter that ETH is trading at a breakeven point for many holders.

He emphasizes that this level is crucial for determining the next price movement.

“Maintaining this level indicates absorption and base formation,” Beamish states. A decline, however, “would shift the price into thinner support where underwater supply may derisk.”

$ETH is trading on a dense cost basis cluster, a key breakeven zone for many holders. Holding here suggests absorption and base building, but a breakdown would move price into thinner support where underwater supply may derisk.
Next move hinges on this level.… pic.twitter.com/iI4jaX8zf6

— Chris Beamish (@ChrisBeamish_) January 27, 2026

Investment analyst and co-founder of Coin Bureau, Nic Puckrin, argues that BTC requires a movement above the $100,000 threshold.

“The longer Bitcoin remains beneath $100,000, the more momentum will trend downward,” he noted in a comment.

A new all-time high in 2026 is still possible, according to Puckrin, but “the upcoming 30 days will be critical in determining if a bear market is already upon us.”

Levels & Events to Watch Next

As of Wednesday morning, BTC was trading at $89,419. It began the day at the $87,990 level, soon hitting an intraday low of $87,315. However, it subsequently surged to the day’s peak of $89,419.

It has also turned slightly negative in the one-week timeframe. It is currently up 0.2%, trading between $86,319 and $90,475.

BTC has yet to break the $90,000 mark at the time of writing, but doing so could pave the way for higher levels, starting with $91,500-93,000. Remaining above $91,200 could facilitate a rise to $93,300 and then $95,500. Otherwise, it may revert toward $86,000.

At the same time, Ethereum was trading at $3,020. Similar to BTC, ETH attempted a higher jump earlier in the day, moving from a low of $2,899 to the $2,989 level. However, it was unable to maintain that momentum initially. It fell back before initiating a more sustainable upward push, surpassing $3,000 and reaching an intraday high of $3,028.

Over the past week, ETH has increased by 2%, fluctuating within the $2,801–$3,044 range.

ETH now has the opportunity to reclaim even higher levels, starting with $3,100, followed by $3,180 and $3,220. A bearish pullback could bring it back down to $2,900 and $2,840.

Ethereum (ETH)24h7d30d1yAll time

Moreover, the sentiment in the crypto market has seen an increase following a couple of days of stagnation.

The crypto fear and greed index currently stands at 34, compared to 29 over the last two days.

Despite this increase, the metric remains within the fear zone. A more significant surge in optimism is necessary to move it back into neutral territory.

ETFs Inflows Were Short-Lived

After a slight rise yesterday, which broke a week-long streak of declines, the US BTC spot exchange-traded funds (ETFs) recorded outflows again on Tuesday. These funds saw a total outflow of $147.37 million on January 27.

As a result, the total net inflow decreases to $56.35 billion.

Of the twelve ETFs, two experienced outflows. BlackRock faced a departure of $102.81 million, while Fidelity recorded outflows of $2.79 million.

The US ETH ETFs also experienced outflows during Tuesday’s session, amounting to $63.53 million. The total net inflow now stands at $12.36 billion.

Of the nine ETH ETFs, one gained inflows, while two experienced outflows. Grayscale ETH Mini Trust added $9.99 million.

However, BlackRock recorded $58.97 million in negative flows, followed by Grayscale’s $14.55 million.

Meanwhile, in the US, a lawmaker from South Dakota has reintroduced legislation that would allow the state to allocate a portion of its public funds to Bitcoin.

This bill aims to amend South Dakota’s public investment statutes, permitting the State Investment Council to allocate up to 10% of eligible state funds to BTC. Furthermore, the legislation would allow exposure through direct holdings, qualified custodians, or regulated exchange-traded products.

I am proud to announce that I have introduced my bill to allow the State of South Dakota to invest in Bitcoin.
Strong money. Strong state.

— Logan Manhart (@ManhartLogan) January 27, 2026

Quick FAQ

1. Did crypto move with stocks today?

The crypto market has experienced a greater increase over the past 24 hours compared to the previous day. Meanwhile, the US stock market concluded the prior session with mixed results. By the close on Tuesday, January 27, the S&P 500 was up 0.41%, the Nasdaq-100 rose by 0.88%, while the Dow Jones Industrial Average fell by 0.83%. Additionally, gold futures reached a new high, while silver futures pulled back following a peak observed on Monday.

1. Is this rally sustainable?

We could see further price increases in the coming days. However, market participants should not be surprised by abrupt pullbacks, as these are typical for the market. Incoming macroeconomic signals could influence price movements in either direction.

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