Bitcoin Reaches New All-Time High, Ethereum and Dogecoin Soar in Turbocharged Crypto Market: Analyst Predicts Historic Moment for Grayscale Bitcoin Mini Trust (BTC) on ARCA:BTC
Bitcoin experienced a pullback from near-new highs on Tuesday, while stocks surged following Alphabet Inc.’s better-than-expected third-quarter earnings.
CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. EDT)Bitcoin BTC/USD+3.66%$72,287.07Ethereum ETH/USD
+2.31%$2,625.49Dogecoin DOGE/USD+7.15%$0.1757
What Happened: Bitcoin was on the verge of breaking its previous all-time high as it reached $73,577, only $160 away from its peak in March. However, the surge was met with selling pressure from investors.
With this recent rally, Bitcoin’s gains for October have reached 14.26%, making it one of the most lucrative months in the market.
Ethereum also saw a pullback after hitting an intraday high of $2,680.
The rally resulted in the liquidation of approximately $185 million in leveraged short positions over the last 24 hours, with total cryptocurrency liquidations reaching $257 million.
Bitcoin’s Open Interest increased by 5.11% to $43.17 billion in the past 24 hours.
The number of long positions held by whale investors on Binance surpassed the number of shorts by a factor of 1.42.
Top Gainers (24-Hours)
CryptocurrencyGains +/-Price (Recorded at 8:30 p.m. EDT)Sui (SUI)+14.89%$2.11First Neiro On Ethereum (NEIRO)+10.61%$0.00172Aptos (APT)+8.75%$10.09
The global cryptocurrency market capitalization reached $2.43 trillion, with a 3.04% increase in the last 24 hours.
Stocks reached new highs on Tuesday, with the Nasdaq Composite climbing 145.56 points to a record close of 18,712.75. The S&P 500 also gained 0.16% to close at 5,832.92, while the Dow Jones Industrial Average slipped 0.36% to 42,233.05.
This rally preceded the release of third-quarter earnings for the “Magnificent 7” companies, with Alphabet exceeding revenue and earnings expectations.
See More: Best Cryptocurrency Scanners
Analyst Notes: Renowned cryptocurrency analyst Rekt Capital highlighted Bitcoin’s journey to new all-time highs, noting that if it closes around $72,800 at the end of the month, it will be its highest monthly close ever.
Another analyst, Ali Martinez, pointed out Bitcoin’s MVRV Ratio’s golden cross above its 365-day simple moving average, a signal that has historically preceded major bull rallies.
“Without a shadow of a doubt, we’re witnessing history in the making before our very eyes,” the analyst remarked.
Additionally, Martinez expressed optimism for Ethereum, setting a target of $6,000 after holding above the key support level of $2,400.
While #Bitcoin $BTC at $72,000 might feel like a late entry, history suggests otherwise. The MVRV Ratio crossing over its 365-SMA has often signaled major bull rallies, and this golden cross just happened again! pic.twitter.com/Awkh0WdIOK
— Ali (@ali_charts) October 29, 2024
Photo by Igor Faun on Shutterstock
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