Crypto Markets Today: Bitcoin climbs to a monthly high as altcoin momentum fades.

Bitcoin briefly topped $93,000 on Monday, setting a risk-on tone across markets, though uneven performance among altcoins suggests traders remain cautious about a near-term pullback.

The cryptocurrency reached an intraday high of $93,350 — its strongest level since Dec. 11 — before retreating to around $92,390. Most of the gains came around midnight UTC, coinciding with the reopening of bitcoin futures on the CME, which left a price gap between $90,500 and $91,550. Such gaps are often filled within a few days, implying prices could revisit that lower range later this week.

Market focus remains squarely on bitcoin. BTC has risen about 1.3% since midnight, while broader altcoin benchmarks lagged: the CoinDesk Meme Index (CDMEME) fell 6.4% and the Metaverse Index (MTVS) declined 2.3%. Equities and precious metals also climbed overnight, reflecting a broader risk-on sentiment after recent U.S.-Venezuela developments.

Derivatives Snapshot

Over the past 24 hours, leveraged crypto futures liquidations totaled roughly $260 million, with shorts making up the bulk of the activity, showing bearish positions were caught off guard by the rally.

Open interest rose 2–5% in BTC, Bitcoin Cash (BCH), XRP, and BNB, while ETH, SOL, DOGE, and ZEC saw flat to declining interest, highlighting selective risk appetite. Excluding BTC, BCH, BNB, and XLM, the open interest–adjusted cumulative volume delta for other top-20 coins remained negative, signaling net selling pressure.

BTC perpetual funding rates climbed above 10% annualized, reflecting rising demand for bullish exposure, while many altcoins continue to show negative funding. On Deribit, downside hedging in BTC weakened as traders targeted $100,000 strike calls. Block trades included put spreads in BTC and call spreads in ETH.

Token Highlights

Despite bitcoin’s dominance, some tokens outperformed the broader market. Newly launched LIT, the native token of perpetual exchange Lighter, rose 3.9% since midnight, while AI-focused FET extended its weekend rally with a 7.4% gain.

Caution remains as the average crypto relative strength index (RSI) reached 58/100, entering overbought territory, suggesting near-term profit-taking could occur.

Some tokens lagged despite the broader surge. Zcash (ZEC) fell 2.5%, while memecoins Dogecoin (DOGE) and Pepe (PEPE) lost 1.4% and 4.5%, respectively.

The mixed performance across altcoins highlights persistent trader indecision and ongoing liquidity constraints, conditions that have weighed on the crypto market since October’s liquidation-driven selloff.