Why Is Crypto Up Today? – January 28, 2026

The cryptocurrency market is experiencing a positive trend, with overall market capitalization rising by 2.2% to $3.12 trillion. Among the top 100 coins, 90 have reported price increases, with Bitcoin and Ethereum leading the charge.

Key Takeaways

The cryptocurrency market's overall value has risen by 2.2% in the last 24 hours.
Bitcoin (BTC) is currently priced at $89,419, reflecting a 1.7% increase.
Ethereum (ETH) sees a price of $3,020, with a 3.8% increase.
90 out of the top 100 cryptocurrencies have posted gains today.
There is notable bullish sentiment, driven by earnings reports and discussions about funding for OpenAI.

Why Is Crypto Up Today

Current Market Overview

Today, the cryptocurrency market has seen an uptick. After hovering between gains and losses yesterday, the total market capitalization has increased by 2.2% in the last 24 hours, now totaling $3.12 trillion. Notably, 90 of the top 100 cryptocurrencies have experienced price increases, with total trading volume at $128 billion.

Crypto Winners & Losers

As of Wednesday morning (UTC), 9 of the top 10 cryptocurrencies based on market capitalization have seen price increases.

Bitcoin (BTC): Up by 1.7%, currently trading at $89,419. This is the smallest gain among the top cryptocurrencies.
Ethereum (ETH): Appreciated by 3.8%, trading at $3,020, marking the second-largest increase.
Binance Coin (BNB): Increased by 3.4%, now priced at $905.
Tron (TRX): The only top coin to decline, dropping by 0.7% to $0.2921.

Among the top performers, Hyperliquid (HYPE) shows the largest gain today at 25.3%, rising to $34.62. Following it is Canton (CC), which increased by 9.4% to $0.1655. On the downside, River (RIVER) has decreased by 9.3% to $54.55, while Provenance Blockchain (HASH) has fallen by 7.6% to $0.02531.

Crypto Analysis

Analyzing Ethereum's Key Trading Zone

Investment expert Matt Hougan from Bitwise indicates that the cryptocurrency market is currently in a critical three-year period to showcase real-world applications. He suggests that clarity in US legislation could significantly affect industry growth. If cryptocurrencies, such as stablecoins and tokenized stocks, gain traction, this could lead to favorable legislation regardless of the political landscape. However, if the space remains peripheral, adverse shifts in policy could hinder progress.

Chris Beamish, an analyst from Glassnode, notes that Ethereum is trading at a crucial level, which will impact its next price movement. He emphasizes that stability at this level suggests accumulation, while a downturn could push prices into weaker support zones.

Analyst Nic Puckrin argues that Bitcoin must break the $100,000 mark to maintain upward momentum, warning that prolonged trading beneath this threshold could indicate bearish trends.

Upcoming Levels and Events to Monitor

As of Wednesday morning, Bitcoin is trading at $89,419, having started the day at $87,990 and later hitting a low of $87,315 and a peak of $89,419. Although it has risen by 0.2% over the week, it has yet to surpass the $90,000 mark. Breaking this level could lead to higher price goals such as $91,500 and $93,000. If it cannot maintain above $91,200, Bitcoin may retreat back to $86,000.

Market Trends

Ethereum is currently trading at $3,020. It attempted to rise from a low of $2,899 to $2,989 but was unable to sustain it, ultimately achieving a high of $3,028. Over the past week, ETH has increased by 2% within a range of $2,801–$3,044. Future key levels include $3,100, $3,180, and $3,220, while a decline might see it return to $2,900 or $2,840.

The overall market sentiment has improved recently, with the crypto fear and greed index moving up to 34 from 29 seen in previous days. However, it still remains in the fear zone; a further increase in investor confidence is necessary for a return to neutral territory.

Sentiment Analysis

Despite a slight recovery yesterday, the US BTC spot exchange-traded funds (ETFs) experienced outflows again earlier this week. On January 27, these funds saw a total outflow of $147.37 million, resulting in a decrease in net inflow to $56.35 billion.

Of the twelve ETFs, two experienced outflows; BlackRock lost $102.81 million, and Fidelity saw a decline of $2.79 million.

ETF Analysis

Additionally, all US ETH ETFs reported outflows totaling $63.53 million, which has cut the total net inflow to $12.36 billion. Among the nine ETH ETFs, one gained inflows while two saw outflows; Grayscale ETH Mini Trust saw an increase of $9.99 million, while BlackRock faced $58.97 million in outflows, followed by Grayscale at $14.55 million.

ETH ETF Changes

In regulatory news, lawmakers in South Dakota have reintroduced a proposal that would allow the state to invest a portion of public funds in Bitcoin. The legislation seeks to modify existing public investment laws to enable the State Investment Council to allocate up to 10% of eligible state funds directly into Bitcoin, potentially through direct holdings or regulated exchange-traded products.

Quick FAQ

The crypto market has seen a significant rise over the past 24 hours compared to yesterday. Meanwhile, the US stock market closed with mixed results. As of January 27, the S&P 500 was up by 0.41%, the Nasdaq-100 increased by 0.88%, and the Dow Jones Industrial Average fell by 0.83%. Gold futures achieved a new record, while silver prices retracted after a peak on Monday.

While we may see further price increases in the coming days, participants should be aware that sudden pullbacks can occur, as this behavior is typical in the market. Ongoing economic signals may influence price fluctuations in either direction.