Bitcoin fell back from near-new highs on Tuesday, but stocks rose after Alphabet Inc.’s GOOGL third-quarter results beat expectations.
Cryptocurrency Profit +/- Price (Recorded at 8:30pm EDT)Bitcoin BTC/USD+3.66%$72,287.07Ethereum ETH/USD
+2.31%$2,625.49 Dogecoin DOGE/USD +7.15%$0.1757
What happened: The world’s largest cryptocurrency soared to $73,577, just $160 off its peak recorded in early March, and came within striking distance of making history. But that rise stopped as investors started outflowing their money.
The latest rally bumped Bitcoin’s October gain to 14.26%, fulfilling its promise of being one of the most valuable months on the market.
Ethereum also hit an intraday high of $2,680 before falling back.
The rally saw nearly $185 million liquidated in leveraged short positions in the past 24 hours, pushing total crypto liquidations to $257 million.
Bitcoin open interest soared 5.11% in the past 24 hours to $43.17 billion.
The number of long positions held by whale investors on crypto exchange Binance exceeded the number of short positions by 1.42 times.
Top Gainers (24 hours)
Cryptocurrency +/- Price Increase (Recorded at 8:30 PM EDT)Sui (SUI)+14.89%$2.11First Neiro On Ethereum (NEIRO)+10.61%$0.00172Aptos (APT)+8.75%$10.09
Global cryptocurrencies increased by 3.04% in the past 24 hours to $2.43 trillion.
Stocks rose to new highs on Tuesday. The Nasdaq Composite Index, which has a high proportion of tech stocks, jumped 145.56 points (0.78%) to close at a record high of 18,712.75. The S&P 500 index rose 0.16% to end at 5,832.92. Conversely, the Dow Jones Industrial Average fell 0.36% to end at $42,233.05.
The rally came ahead of the third-quarter earnings release of the so-called “Magnificent Seven” companies. Tech giant Alphabet released its results after the market closed, with sales and profits exceeding analysts’ expectations.
See more: Best Cryptocurrency Scanner
Analyst Note: Popular crypto analyst Recto Capital points out Bitcoin’s merry path to new all-time highs, with monthly closes near the $72,800 zone being its all-time high. Deaf added.
“Without a doubt, we are witnessing history being made before our eyes,” the analyst said.
Another prominent analyst, Ali Martinez, drew attention to the golden cross of Bitcoin’s MVRV ratio above its 365-day simple moving average, which has preceded “massive” bull markets throughout history. This is what happened.
meanwhile #bitcoin $BTC The $72,000 price tag may feel like a latecomer, but history suggests that’s not the case. MVRV ratios above the 365-SMA have often signaled a massive bull market, and this golden cross has occurred again. pic.twitter.com/Awkh0WdIOK
— Ali (@ali_charts) October 29, 2024
Furthermore, Martinez upped the ante on Ethereum and predicted a target of $6,000 after it managed to hold the key support level at $2,400.
Photo by Igor Faun from Shutterstock
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