Bitcoin climbed above $93,000 late Sunday, extending a strong start to the year for cryptocurrencies as investors reacted to geopolitical developments and a broader rally across global markets.
The world’s largest digital asset was trading at around $93,113 as of 10:00 p.m. ET, up just over 2% in 24 hours, according to market data. Ethereum also moved higher, rising 1.7% to about $3,194. Other major tokens followed suit, with XRP gaining 5.5%, BNB up 2.3%, and Solana advancing 2.3%.
Analysts described the move as part of a wider “everything rally” taking shape at the start of the year. Asian equity markets posted notable gains, with South Korea’s Kospi rising nearly 3% by Monday midday and Japan’s Nikkei climbing close to the same level.
Min Jung, a research associate at Presto Research, said early January often brings fresh positioning as investors reassess portfolios. At current levels, bitcoin appears to be drawing renewed interest as an entry point, particularly as traders keep a close watch on geopolitical risks that could inject volatility into global markets.
That sentiment was echoed by Nick Ruck, director of LVRG Research, who pointed to renewed participation as businesses reopen after the holidays, alongside steady institutional accumulation during a period of consolidation. Ruck noted that traders are closely tracking resistance near $95,000, while also factoring in broader macroeconomic trends and expected ETF flows early next year.
The rally extended beyond large-cap cryptocurrencies. Several popular memecoins saw sharp gains, with Shiba Inu up 5.5%, Pepe jumping 9%, and Bonk rising nearly 10%. Pudgy Penguins added 7%, while Dogecoin bucked the trend, slipping slightly.
The sudden upswing triggered significant liquidations in derivatives markets. Roughly $141 million in positions were wiped out over a four-hour period, the majority from short bets, according to data compiled by Coinglass. Such liquidations occur when traders can no longer meet margin requirements as prices move against them.
Geopolitical Focus Shifts to Venezuela
Attention has also turned to developments in Venezuela following reports of a U.S. military operation in Caracas that led to the capture of Nicolás Maduro. According to the New York Times, Maduro and his wife were transported to New York, where he is expected to face charges related to narco-terrorism and drug trafficking.
Jeff Ko, chief analyst at CoinEx Research, said investors are closely watching for signs that the U.S. could move strategically into Venezuela’s oil sector. Oil prices edged lower following the news, with U.S. crude slipping 0.35% and Brent crude down 0.2%.
The incident has also raised concerns about wider geopolitical fallout. Al Jazeera reported heightened tensions with Iran, underscored by comments from Israeli opposition leader Yair Lapid, who warned Tehran to pay attention to events unfolding in Venezuela.
With traditional markets closed over the weekend, Ko noted that cryptocurrencies became one of the few liquid venues available for investors to react to the news. The rally suggests that many market participants interpreted the developments as broadly supportive of risk assets. He added that the opening of U.S. equity markets will be an important test, with a positive start likely to help bitcoin hold above the $92,000 mark.
Ali Harb
Looking ahead, traders are also weighing macroeconomic signals. Vincent Liu, chief investment officer at Kronos Research, said markets are watching how last week’s Federal Reserve meeting minutes shape expectations for interest rates, as well as upcoming U.S. jobless claims data. Clearer guidance on the economic outlook, he said, will help determine whether bitcoin’s rally has staying power or loses momentum.
