by Coinstrooper Crypto Articles
Quick Take
  • The crypto market is up today after several days of a downward trajectory.
  • The cryptocurrency market capitalisation increased by 1.5% over the past 24 hours to $3.13 trillion.
  • At the time of writing, 87 of the top 100 coins have appreciated.
  • The total crypto trading volume stands at $149 billion.

What Happened

The market, they add, is building a base, consolidating from a pause in conviction – as investors wait for the next catalyst to unlock broader engagement – and not from excess participation.

Market Context

The crypto market is up today after several days of a downward trajectory. The cryptocurrency market capitalisation increased by 1.5% over the past 24 hours to $3.13 trillion. At the time of writing, 87 of the top 100 coins have appreciated. The total crypto trading volume stands at $149 billion.

As of Thursday morning (UTC), all top 10 coins per market capitalisation have seen a reversal, with their price rising over the past 24 hours.

Bitcoin (BTC) appreciated 0.7%, currently trading at $89,853.

Solana (SOL)’s 1.7% is next, currently trading at $129.

Of the top 100 coins per market cap, 87 have seen their price rise today.

It’s followed by Rain (RAIN), which appreciated 9.5%, trading at $0.009421.

On the other side, at the top of the red coin list is Midnight (NIGHT), with a drop of 5.3% to the price of $0.05828.

MemeCore (M) posting a decrease of 3.5%, trading at $1.6.

Meanwhile, the US Senate Agriculture Committee released updated crypto market structure legislation and scheduled a markup for 27 January, but without Democratic support.

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

As for Bitcoin, it still stands in a low participation regime. Its price action is driven “more by the absence of pressure than by active conviction.” They write that,

“[BTC’s] price action remains fragile below $90,000, while that level itself is likely to act as a friction point. Reclaiming it sustainably would require sufficient momentum and confidence to absorb dealer hedging flows and shift gamma exposure higher.”

Derivatives participation is thin. Futures volume is compressed, and leverage deployment is subdued. This reinforces “a low-liquidity environment where price is increasingly sensitive to modest positioning shifts.”

Finally, “options markets echo this restraint” as well, the report says. “Volatility repricing has been confined to the front end, hedging demand has normalised, and elevated volatility risk premium continues to anchor implied volatility.”

Why It Matters

“Although it’s unfortunate that we couldn’t reach an agreement, I am grateful for the collaboration that has made this legislation better,” Chairman John Boozman said.

“As a result, upside progress is likely to remain constrained, with rallies vulnerable to renewed distribution unless this supply overhang is decisively resolved,” the analysts say.

Details

Crypto Winners & Losers

Ethereum (ETH) increased by 0.7% as well, changing hands at $2,986. BTC’s and ETH’s are the lowest increases in this category.

The highest rise among the top 10 is XRP’s 2.3%, now standing at $1.95.

Canton (CC) is at the top, with a rise of 12.2% to $0.1492.

According to Glassnode’s latest report, until there is new demand with sufficient strength to absorb overhead supply, long-term holders remain a latent source of resistance.

Moreover, institutional and corporate demand is cautious. Treasury flows are stabilising near neutral, while activity stands concentrated in isolated transactions.

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