Crypto Markets Move Higher After Holidays, Memecoins Outperform

Crypto markets moved higher on Friday, Jan. 2, as risk appetite returned across digital assets following two relatively flat holiday weeks.

Bitcoin (BTC) is trading around $89,900, up roughly 2.2% on the day, and reaching as high as $90,788 in the past 24 hours. Ethereum (ETH) gained about 4.4% to trade near $3,120. Among other top-10 tokens, BNB and XRP rose about 3% and 6%, respectively, while Solana (SOL) surged roughly 5%, per The Defiant’s price page.

Among today’s top gainers, memecoins led the pack, with Pepe (PEPE) rising about 30% over the past 24 hours and Dogecoin (DOGE) climbing around 11%. Ethena (ENA) also posted gains of roughly 11% on the day. Today’s rally comes after altcoins had a rather difficult 2025, with many previous cycle winners deeply in the red on the yearly chart.

On the downside for today, Zcash (ZEC) was among the weakest performers, slipping about 6.6%, while Filecoin (FIL) fell roughly 3.4%. Canton (CC) posted losses of about 3% on the day. In 2025, Zcash emerged as the top large-cap gainer as privacy coins saw a resurgence.

The global cryptocurrency market capitalization rose to $3.15 trillion, up 2.8% over the past 24 hours, according to CoinGecko, with total trading volume climbing above $125 billion. Bitcoin dominance is currently at 57%, while Ethereum dominance is at 11.9%.

Liquidations and ETF flows

Today’s rally triggered a wave of liquidated short positions, with more than $390 million in total positions wiped out over the past 24 hours, according to data from Coinglass. Short positions accounted for roughly $325 million, while long positions made up about $66 million.

Ethereum and Bitcoin recorded the largest liquidations, with about $126 million and $120 million in positions liquidated, respectively. Memecoins also contributed, with DOGE and PEPE among notable liquidated positions.

In the exchange-traded fund (ETF) sector, Bitcoin ETFs recorded net outflows of $348 million on Dec. 31, while Ethereum ETFs recorded roughly $72 million in outflows. By contrast, XRP and SOL ETFs recorded inflows of approximately $5.6 million and $2.2 million, respectively.

Elsewhere

In commodities, precious metals traded slightly higher as investors continued to favor safe-haven assets. Gold was trading at $4,338 per ounce, up 0.05% over the past 24 hours, while silver rose 0.66% to around $72.80. Platinum recorded stronger gains, climbing about 3.6% to trade near $2,141 per ounce.

Geopolitical developments also weighed on market sentiment after President Donald Trump warned that the U.S. would intervene if Iranian authorities used lethal force against protesters amid ongoing demonstrations.

Meanwhile, focus on the war in Ukraine increased this week after Russian authorities said the death toll from a drone strike in the Russian-occupied Kherson region rose. Ukraine denied targeting civilians, NBC reported. The developments come as diplomatic efforts to end the conflict continue.