Bitcoin (BTC) and Aptos (APT) Lead Crypto Surge on January 26

The cryptocurrency market experienced a surprising surge early on January 26, breaking out of a period of low volatility earlier in the week, with Bitcoin (BTC) and Aptos (APT) leading the charge.

Price Movements of Major Cryptocurrencies as of 08:35 AM on January 26, 2023. Source: Coin360

Starting from midnight, Bitcoin (BTC) began to climb steadily, registering a peak at $23,816—up 6.8% from the 24-hour low of $22,300—before slightly adjusting back to $23,200 at the time of this update.

This peak represents Bitcoin's highest price in 2023 and the highest level since August 2022, ending a 4-day period of trading sideways around $22,000 – $22,300.

1-Hour Chart of BTC/USDT on Binance as of 08:35 AM on January 26, 2023

At its current value, BTC is experiencing its best January growth since 2013, setting the stage for potential further recovery, as February has historically been a strong month for Bitcoin.

Bitcoin Price Movements by Month. Source: Coinglass

There is no specific trigger identified for this recent Bitcoin surge within the crypto market. On a broader geopolitical scale, recent noteworthy news includes Western countries like the US and Germany announcing they will supply tanks to Ukraine, which threatens to escalate the conflict with Russia.

Another notable mention is Aptos (APT), which saw a dramatic increase from $7.60 to $19.40 over the past seven days—a rise of 155%. The $19.40 mark is the highest price Aptos has achieved, excluding the higher listing prices of $60-$100 set in mid-October 2022. Year-to-date, APT's price has surged more than sixfold.

1-Day Chart of APT/USDT on Binance as of 08:35 AM on January 26, 2023

Similar to BTC, Aptos's recent rally seems driven by market sentiment rather than specific news, as there have been no significant updates for Aptos recently.

Meanwhile, other high-cap altcoins have generally seen 24-hour gains of 5-10%, with notable projects such as Injective (INJ) and dYdX (DYDX) leading the pack after announcing news on the evening of January 25.

Cryptocurrency Liquidations in the Last 24 Hours Reached $175 Million, Concentrated in BTC, ETH, and APT, with 72% of the Liquidations Being Short Positions.

Value of Liquidated Cryptocurrency in the Last 12 Hours, Data from Coinglass as of 08:35 AM on January 26, 2023