The US December CPI data was released on January 13, leading to a general rally in the crypto market, but subsequent divergence occurred. Notably, leading cryptocurrencies showed strong resilience, while second-tier and small-to-mid cap coins exhibited clear differentiation, with some coins with independent narratives surging far beyond the market. Below is a detailed market review as of 0:00 on January 14:

**Performance of Leading Mainstream Coins**

BTC surged briefly to a high of $92,400 during this rally, with a maximum 24-hour increase of about 2%, but then retreated to around $90,000 for consolidation. Observations indicate that institutional ETF funds fluctuated significantly, and trading volume did not show a notable increase.

ETH performed relatively steadily, reaching up to $3,150, with a 24-hour increase between 0.7% and 1%. Thanks to support from staking ecosystems and Layer 2 ecosystems, its volatility was less than BTC, with $3,050 becoming a key support level.

SOL performed quite impressively, with a 24-hour increase of about 3%, reaching above $141. The active ecosystem combined with market expectations for liquidity contributed to its stronger performance compared to some other leading coins.

TRX increased approximately 2.3%, resonating with positive sentiment in DeFi and stablecoin sectors, contributing to a broader market rally.

BNB showed a flat performance, with only a slight increase of about 0.1% over 24 hours. Although benefiting from the overall upward trend, its platform coin attributes limited its upside potential.

**Differentiation Among Second-Tier Coins**

ICP briefly touched $3.25, with a 24-hour increase of about 2.5%, rising with the market but then pulling back. Despite its higher market share in the US, there was a clear lack of institutional funds, and its overall performance was weaker than that of leading coins.

XRP's performance was somewhat lagging, with a slight short-term increase followed by a pullback, and further adjustments within the next 7 days remain possible. Regulatory expectations continue to exert downward pressure on it.

DOGE experienced a minor rise but lacked new catalysts, merely following the market trend, with a significantly lagging increase.

**Mid-Cap and Narrative Coins as Dark Horses**

In contrast to the moderate gains of leading coins, some mid-cap and narrative-driven coins performed exceptionally well.

Story (IP concept) surged over 22.7% in 24 hours, ranking among the top gainers of the day, entirely driven by independent narratives.

Verge, resonating with privacy concepts and market speculation, rose about 17.6% in 24 hours.

Dash, favored in the privacy payment sector, gained over 10% in 24 hours.

Monero, representing the privacy coin sector, increased about 5% in 24 hours, benefiting from the liquidity expectations of the sector.

**Market Rally Logic and Causes of Differentiation**

The core logic behind this rally is quite clear: US core CPI below expectations → increased market expectations for rate cuts → pressure on the US dollar and decline in US Treasury yields → increased attractiveness of risk assets → initiation of crypto valuation recovery.

The flow of funds reflects current investment preferences: institutional funds mainly focus on leading assets like BTC and ETH, while second-tier and small-to-mid cap coins rely on ecosystem development, unique narratives, or regulatory catalysts to attract capital. Notably, some small-to-mid cap coins with independent hot topics experienced relatively larger gains, but this also entails higher volatility risks. This differentiation pattern suggests that, in an environment where macro liquidity is improving, choosing high-quality leading coins remains a more prudent strategy, while chasing small-to-mid caps requires more cautious risk management.