Haciyev Reşit 
The cryptocurrency market started the new week with strong upward momentum. As total market capitalization approaches the $3 trillion mark, Bitcoin’s move above the $90,000 level has significantly strengthened positive market sentiment. This move is considered not only an important technical breakout but also a key psychological threshold for investors.
Global macro expectations, year-end portfolio adjustments, and increasing risk appetite ahead of the new year are driving renewed buying interest in the markets. Especially after weeks of cautious positioning, investors returning to the market have contributed to rising trading volumes across both Bitcoin and altcoins. This outlook suggests that short-term optimism in the crypto market may be maintained.
Total Crypto Market Cap Near the $3 Trillion Threshold
Over the past 24 hours, total cryptocurrency market capitalization increased by approximately $49 billion, nearing the critical $3.1 trillion level. This positive start to the week is largely linked to rising expectations and market psychology ahead of the 2026 New Year. Analysts note that for the rally to remain sustainable, total market cap must reestablish the $3 trillion level as strong support. Otherwise, a potential pullback below $2.92 trillion could increase selling pressure and bring the $2.85 trillion level back into focus.
Bitcoin Breaks $90,000: Strong Momentum Draws Attention
Bitcoin surpassed the $90,000 level during the Asian session, reinforcing recovery expectations ahead of the new year. At the time of writing, BTC is trading around $89,900, having gained over 3% during the short-term surge.
The $88,210 level turning into support signals that Bitcoin has formed a strong short-term base. For the upward move to continue, a sustained breakout above the $90,308 resistance level is seen as critical. Holding above this level could further increase buying appetite. In a potential correction scenario, a drop below $88,210 could bring $86,247 into focus as the next key support.
According to CryptoQuant data, Bitcoin funding rates have reached their highest levels since October 18, indicating strengthening bullish expectations in the futures market. Although open interest has shown signs of recovery, it remains below the peaks seen in October.
Short Positions Liquidated, Liquidations Increased
Bitcoin’s rapid rise of nearly $2,600 within just four hours triggered large-scale short position liquidations. Over the past 24 hours, total liquidations reached $169 million, with $132.6 million coming from short positions. During the same period, total crypto market capitalization rose by approximately $80 billion, returning to the $3 trillion range. Meanwhile, declines in gold and silver prices strengthened expectations that capital may shift from traditional safe havens toward Bitcoin and digital assets.
Strong Reaction in Ethereum and Altcoins
The rally was not limited to Bitcoin alone. Ethereum (ETH) gained nearly 5% over the past 24 hours, reclaiming the $3,000 level. This strong move not only boosted ETH investors’ confidence but also triggered a broader recovery across the altcoin market. Major altcoins such as Binance Coin (BNB), Solana (SOL), and Cardano (ADA) also recorded gains, alongside increased trading volumes in the altcoin market.
Analysts note that Ethereum’s ability to hold above $3,000, combined with the recent altcoin rally, supports short-term market optimism. The move in ETH has also revived investment appetite across the DeFi and NFT ecosystems, contributing to improved market liquidity. As Ethereum finds support at these levels, investors are increasingly taking steps to diversify their altcoin portfolios.
Assessment
Today’s rally in the crypto market is being supported by rising risk appetite, short position liquidations, and optimistic expectations ahead of the new year. Bitcoin’s consolidation above $90,000 and total market capitalization approaching $3 trillion suggest that volatility may remain elevated in the coming days. Macroeconomic data releases and market reactions in the early days of the year will be among the key factors determining whether this upward move proves to be sustainable.
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