Silver experienced one of the most volatile trading sessions in history on January 26, 2026, with nearly $2 trillion in market capitalization shifting hands within a 14-hour period. According to data from The Kobeissi Letter, silver's market cap surged by approximately $500 billion between 9:00 AM ET and 1:00 PM ET. This was followed by a dramatic plunge of $950 billion over the next three and a half hours, before recovering another $500 billion by 10:30 PM ET.
During the session, the scale of silver's price moves at times matched the entire market capitalization of Bitcoin. Spot silver prices traded between $110 and $117 per ounce, having recently surged past $114 in a rally attributed to a weaker US dollar, global tensions, and broader market stress. Analysts describe the move as a fundamental repricing of the undervalued metal rather than speculative froth.
In stark contrast, Bitcoin failed to regain momentum, trading down about 3% over the past week and remaining below the psychologically key $90,000 level. Bitcoin's market cap currently stands around $1.76 trillion, well below its October 2025 peak of $2.49 trillion.
ETF analyst Eric Balchunas highlighted the divergent performance, noting that precious metals like silver are "playing catch up" after years of underperformance, while Bitcoin's explosive gains have flattened recently. He remarked that both asset classes tend to deliver "five or 10 years’ worth of returns in one or two years," advising investor patience.
Market attention is now intensely focused on January 28, dubbed "Super Wednesday". The day features two major events: the latest U.S. crude oil inventory data and the Federal Reserve's interest rate decision. These events are expected to significantly influence inflation expectations, market liquidity, and overall risk appetite. Analysts suggest reduced risk exposure in markets like oil—where open interest has fallen—could lead to a relatively flat crypto market until the outcomes are known.
