The crypto market reflected a sentiment of rally on Monday amid oil prices sliding under the ongoing U.S.-Venezuela conflict. Bitcoin showed a price hike of over 1.40 percent on to trade at $92,645, at the time of writing. BTC’s price hike comes at a time when oil prices are down by nearly two percent with traders prioritizing the potential increased future production over immediate regional instability.
BTC, the most expensive crypto asset, breaching the $92,000 mark is being viewed as a key development because for weeks, it remained rangebound under pressure barely touching $90,000.
“The crypto market is showing a strong uptrend following geopolitical developments in Venezuela, as investors move to safe havens like crypto. If BTC closes above $93,700, momentum could carry it toward $100,000, with support forming near $88,500,” Akshat Siddhant, Lead Quant Analyst, Mudrex told Coin Headlines.
Ether joined Bitcoin in the price rally. On Monday, ETH was trading at $3,165 with a gain of 1.36 percent over the previous 24 hours.
“The rally is supported by a strong return of institutional interest, with crypto ETFs recording about $646 million in net inflows on the first trading day of the year after December’s heavy selling. Sentiment is also improving, as the Fear-Greed Index turned neutral for the first time since October,” Siddhant added.
XRP, BNB, Solana, USDC, Tron, and Cardano emerged among tokens that registered small hikes of under one percent on Monday. Chainlink, Hyperliquid, Stellar, Avalanche, and Hedera also emerged among profit-making tokens having roped-in gains of under five percent.
Meanwhile, tokens including Dogecoin, Leo, Zcash, Monero, Uniswap, and Mantle registered losses of up to 3.5 percent.
With more altcoins trading in the gains, the overall crypto market cap rose by 1.11 percent in the last 24 hours. At present, the valuation of the sector stands at $3.15 trillion, as per CoinMarketCap.
“The news that the Trump media plans to distribute a new cryptocurrency to shareholders via Crypto.com on the Cronos blockchain, may have played a role in pulling back investor attention. The announcement lifted volumes and sentiment, with Australian BTC/AUD pairs seeing tighter spreads and higher retail activity. Traders are watching airdrop timing, exchange flows, and volatility, while investors focus on disciplined entries and risk management amid headline-driven moves,” Sathvik Vishwanath, Co-Founder and CEO, Unocoin told Coin Headlines.
Over 97,320 traders were liquidated in the last 24 hours with the total amount liquidated touching $257.14 million, data by CoinGlass showed.