Key Takeaways
- Bitcoin has gained over $10K since the start of 2026, fueling a broad rally across crypto markets and driving Polymarket odds of a $100K BTC in January to 72%.
- Over $780M in liquidations hit the market in the last 24 hours, mostly from short positions on BTC and ETH, as traders bet on further upside.
Bitcoin surged to a new eight-week high on Wednesday, crossing $97,300 amid renewed momentum across the crypto market. The rally continues a strong start to 2026, with Bitcoin gaining over $10,000 since opening the year near $87,000.
Traders appear to be positioning for further upside, with Polymarket odds now assigning a 72% chance of Bitcoin reaching $100,000 before the end of January.
The rally lifted the broader crypto market by over 4% in the past 24 hours, pushing total market capitalization to $3.34 trillion. Ethereum climbed near $3,400, Solana hit $148, and XRP reached $2.17, reflecting broad-based strength among major assets.
In the past 24 hours, crypto markets saw $783 million in liquidations, driven by Bitcoin’s rally. CoinGlass data shows $682 million in shorts and $101 million in longs were wiped out, with most of the impact concentrated in BTC and ETH futures.