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Crypto markets extended their early 2026 upswing on Monday, with bitcoin briefly trading above 93,000 dollars before settling slightly lower. The move added to gains that have already lifted the total digital asset market value by well over 200 billion dollars since New Year’s Eve, putting overall capitalization in the low 3 trillion dollar range as traders returned from the holidays in a clear risk-on mood.
Derivatives played a big role in pushing prices higher. Data from Coinglass and other trackers showed roughly 260 million dollars in crypto positions liquidated over 24 hours, with the vast majority coming from traders who had bet against the market. Short liquidations alone accounted for around 200 million dollars, including more than 90 million dollars tied to bitcoin, which forced late bears to buy back into a rising market and helped drive the spike past 93,000 dollars.
Ether joined the move, rallying back above 3,100 dollars, while large caps such as XRP, Solana, dogecoin, cardano and BNB notched solid single-digit gains. XRP was one of the better performers, climbing to a little over 2.10 dollars as liquidations skewed heavily toward short positions there as well. Analysts noted that leverage across majors remains present but more balanced than during earlier blow-off phases, which has so far kept the rally firm without the kind of extreme spikes seen in past cycles.
The crypto upswing is unfolding alongside strength in other risk assets. Asian stock indexes pushed to fresh highs, gold and silver continued to trade near record levels, and investors digested fast-moving geopolitical developments in Venezuela that have shaken oil markets but so far supported rather than derailed risk sentiment. Market commentators said the first week of January is often dominated by new positioning and that many investors appear to see current bitcoin and ether levels as attractive entry points, at least as long as the broader global backdrop remains supportive.
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