Crypto Market Tests $90K Territory as Bitcoin and Ethereum Show Mixed Signals Across Sectors

The digital asset landscape presented a complex picture, with major cryptocurrencies hovering near significant psychological barriers. According to latest market data from January 21st, 2026, Bitcoin (BTC) was trading around $89.92K, approaching the closely-watched $90,000 level that has captured market attention, while Ethereum (ETH) positioned itself just below the $3,000 threshold at $2.98K. Both assets showed modest downward adjustments of -0.47% and -1.46% respectively over the prior 24-hour period, reflecting the cautious sentiment gripping the broader market.

RWA Sector Emerges as Market Leader in Emerging Technology Landscape

The Real-World Asset (RWA) category distinguished itself as the strongest performer among cryptocurrency segments, though its gains have moderated since earlier periods. Pendle (PENDLE) advanced 6.61%, while Sky Protocol (SKY) retreated -0.49% and Ondo Finance (ONDO) declined -0.29%, indicating selective strength within the RWA ecosystem. This mixed performance suggests that investor appetite for real-world asset tokenization remains intact despite broader market hesitation around the $90,000 Bitcoin marker.

Layer 2 Solutions and Traditional Finance Tokens Show Divergent Momentum

The Layer 2 infrastructure sector experienced significant repricing, with Merlin Chain (MERL) adjusting -11.45% from previous peaks, contrasting sharply with its earlier trajectory. Meanwhile, the CeFi (Centralized Finance) segment, represented prominently by GateToken (GT), posted a modest +0.61% gain, suggesting stability in exchange-backed tokens despite macroeconomic uncertainties. Layer 1 alternatives like Kaspa (KAS) declined -0.16%, indicating profit-taking across established blockchain platforms as traders await clearer directional signals near the $90,000 BTC resistance zone.

Alternative Assets and Specialized Tokens Navigate Market Uncertainty

Hyperliquid (HYPE) from the DeFi sector fell -4.07%, while the Meme token category, represented by SPX6900 (SPX), remained flat at 0.00%, suggesting retail interest has cooled significantly. The PayFi sector’s representative, Dash (DASH), retreated -1.65%, partly attributable to its recent listing activity on major trading platforms. This broader consolidation across alternative asset categories reflects a market caught between the psychological importance of $90,000 for Bitcoin and genuine concerns about sustainable momentum in the current environment.

Market Outlook: Mixed Signals Around Key Price Barriers

The current market configuration reveals a bifurcated landscape where traditional Layer 1 and Layer 2 tokens face headwinds, while selective interest persists in emerging narratives like RWA tokenization. With Bitcoin testing the vicinity of $90,000 and major altcoins showing defensive positioning, market participants appear to be consolidating positions before potential breakouts. The modest declines across most assets suggest that reaching and maintaining the $90,000 milestone for Bitcoin may require renewed accumulation rather than the momentum-driven rallies seen in previous cycles.