Major cryptocurrencies were flat on Tuesday, with Ethereum posting modest gains as falling oil prices boosted momentum.
Cryptocurrency +/- Price Rise (Recorded at 9:45pm EDT) Bitcoin BTC/USD -0.28%$$62,418.83 Ethereum ETH/USD
+1.23%$2,463.51 Dogecoin DOGE/USD -0.60%$0.1087
What happened: Bitcoin soared above $63,000 as the market opened, but that rally quickly reversed and the cryptocurrency’s top became unstable in the low $62,000 zone.
Ethereum traded sideways for most of the day before an overnight rally pushed it up to $2,470.
Total crypto liquidations in the past 24 hours amounted to nearly $140 million, with long-term liquidations accounting for over 60% of the total.
Bitcoin open interest increased by 0.13% in the past 24 hours, indicating the opening of new short positions that may have caused the price decline.
The number of traders placing bearish bets on the coin continues to outnumber those looking to push the price higher, lending credence to the aforementioned claim.
As of this writing, fear and greed in cryptocurrencies remains in the “neutral” zone.
Top Gainers (24 hours)
+/- Price Rise in Cryptocurrencies (Recorded at 9:45 PM EDT)First Neiro On Ethereum (NEIRO)+12.78%$0.001909EigenLayer (EIGEN)+9.07%$3.73Monero (XMR)+3.27%$150.36
Global cryptocurrencies totaled $2.17 trillion, shrinking by 0.29% in the past 24 hours.
Following Monday’s pullback, stocks rebounded sharply on Tuesday.
Monday after closing higher last week. The Dow Jones Industrial Average rose 126.13 points, or 0.30%, to close at 42,080.37. The S&P 500 index rose 0.97% to end at 5,751.13, while the tech-heavy Nasdaq Composite Index jumped 1.45% to close at 18,182.92.
The rise coincided with a sharp decline in oil prices, with West Texas Intermediate (WTI) falling 4% earlier in the day. At the time of writing, WTI is valued at $73.60 a barrel, as traders continue to weigh the economic and geopolitical implications of escalating tensions in the Middle East.
Additionally, technology stocks helped fuel the rally, with AI giant Nvidia Inc. NVDA soaring 4.05% during regular trading.
See more: Best Cryptocurrency Scanner
Analyst Note: Widely followed crypto analyst Recto Capital said Bitcoin is currently in a “no man’s land.”
The analyst added that King Crypto needs to close above $64,200 for the day to enter the top of the channel and attempt an upside breakout.
Cryptocurrency researcher Michael van de Poppe pointed out Ethereum’s strong performance and predicted that it would eventually “take over” Bitcoin.
“Slowly but surely, I think the beast will take over and continue to outperform, so altcoins are likely to perform much better than Bitcoin.”
#Ethereum Today it has surpassed Bitcoin.
Slowly but surely, I think the beast will continue to take over and outperform. As such, altcoins have the potential to perform much better than Bitcoin.
Important?
Bitcoin also exceeded $65,000.
— Michael van de Poppe (@CryptoMichNL) October 8, 2024
Photo by Stockphoto-graf on Shutterstock
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