Why Is The Crypto Market Up Today?

The total crypto market cap (TOTAL) continues to show signs of recovery on the back of strong macro financial cues. With Gold shooting up to a new ATH on Thursday, bullishness spread across the markets, with Bitcoin (BTC) inching closer to flipping $90,000 into support. Altcoins enjoyed gains as well, led by LayerZero’s (ZRO) 17% rise.

In the news today:-

• BitGo debuted on the New York Stock Exchange on January 22 under the ticker BTGO, becoming the first major crypto IPO of 2026. The stock surged after listing but pared gains to close near its IPO price, valuing the company at about $2.2 billion.
• South Korea’s Gwangju District Prosecutors’ Office reportedly lost seized Bitcoin after a suspected phishing attack during a routine asset inspection. Local sources estimate the loss could reach about 70 billion won ($48 million), exposing gaps in law enforcement crypto custody practices.

The Crypto Market Rises Very Slightly

The total crypto market cap edged higher by $4.58 billion, marking a modest but positive move. Improving global macro conditions followed easing tensions around the Greenland issue. While gains remain limited, the shift suggests risk appetite is stabilizing, offering short-term support for the broader digital asset market.

TOTAL currently trades near $2.99 trillion, with $3.00 trillion acting as immediate resistance. A confirmed breakout above this level could attract fresh inflows. If momentum builds, the total crypto market cap may advance toward the $3.50 trillion resistance zone in the coming days.

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TOTAL Price Analysis. Source: TradingView

Upside remains conditional on sustained confidence. If investors revert to a bearish stance, the breakout attempt may fail. Under that scenario, selling pressure could return, pulling TOTAL back toward the $2.92 trillion support level and reinforcing near-term consolidation.

Bitcoin Is Still Attempting Recovery

Bitcoin trades near $89,829 at the time of writing, remaining below the key $90,000 resistance level. This psychological barrier has capped recent recovery attempts. Price action suggests cautious sentiment as traders await confirmation of stronger demand before committing to fresh positions.

A decisive move above $90,000 would likely restore bullish momentum. Reclaiming this level could trigger renewed capital inflows, lifting Bitcoin toward the $91,298 resistance. Such a move would signal improving confidence and help BTC recover a portion of its recent losses.

Downside risk remains if momentum fades. Failure to break $90,000 may reinforce selling pressure. If spot Bitcoin ETFs continue to record outflows instead of inflows, BTC could retreat toward the $87,210 support level, invalidating the bullish setup.

LayerZero Aims At $2.50

ZRO emerged as the best-performing altcoin over the past 24 hours, posting a 17.7% gain. The token outperformed the broader market, benefiting from improving sentiment across digital assets. Strong momentum suggests traders are rotating capital into higher-beta altcoins amid renewed risk appetite.

Technical indicators support the bullish outlook. ZRO remains in a clear uptrend, with the Parabolic SAR positioned below the candlesticks. This setup typically signals trend continuation. If momentum holds, ZRO price could extend gains and move toward the $2.50 resistance level.

ZRO Price Analysis. Source: TradingView

Increased profit-taking could pressure price action. A break below the $2.00 support would weaken the structure. Under that scenario, ZRO may slide toward the $1.72 support zone, invalidating the bullish thesis.