Market leader Bitcoin continued to rise on Tuesday, defying a sharp drop in stock prices.
Cryptocurrency Gain +/- Price (Recorded at 9:30pm EDT)Bitcoin BTC/USD+2.22%$67,341.02Ethereum ETH/USD
-0.30%$2,617.63Dogecoin DOGE/USD -1.31%$0.1166
What happened: The world’s largest cryptocurrency rallied above $67,000 in early trading, hitting its highest since July 29. Barring intermittent bouts of volatility, the coin remained largely up as of Monday night.
On the contrary, Ethereum failed to maintain its gains even after surging to $2,679.
Digital asset trading firm QCP Capital said the rally could be election-driven after prediction markets showed Donald Trump with a large lead over Kamala Harris.
Total crypto liquidations in the past 24 hours exceeded $304 million, the highest in more than two weeks. More than $182 million in upside bets disappeared.
Bitcoin open interest increased by 2.21% to $38.1 billion, indicating an influx of new money into the speculative market.
The Cryptocurrency Fear and Greed Index reading rose from 65 to 73, indicating that the market is greedy.
Top Gainers (24 hours)
Cryptocurrencies +/- Price Rise (Recorded at 9:30pm EDT) Litecoin (LTC) +6.70%$71.98 Chiles (CHZ) +5.18%$0.08104 Hedera (HBAR) +4.17%$0.05707
Global cryptocurrencies increased by 1.04% in the past 24 hours to $2.31 trillion.
Stocks fell sharply, unable to sustain Monday’s gains. The Dow Jones Industrial Average fell 324.80 points, or 0.75%, to close at 42,740.42. The S&P 500 index fell 0.76% to close at 5,815.26, and the tech-heavy Nasdaq Composite Index fell more than 1% to close at 18,315.59.
The decline was driven by a 4.69% decline in the stock price of AI giant Nvidia Inc. NVDA, a notable reversal from Monday’s record closing price.
That said, the Dow and S&P 500 are up nearly 1% this month.
See more: Best Cryptocurrency Scanner
Analyst Note: Widely followed analyst and trader Rekt Capital has highlighted key points to watch on Bitcoin’s daily chart to determine the next move.
“Consistently retesting the top of the black channel as daily support is key to enabling a bullish weekly close and confirming upside to ~$71,000,” the analyst said. said.
The next few days will be crucial in determining the next big trend.
Previous Clusters of daily price movements in and around this downtrend channel (blue circles) and upside resistance (red) provide a lot of insight
For example, the daily closing price within this resistance (red)… https://t.co/jiN2xHXyuh pic.twitter.com/KBg3HOp1Pj
— Rect Capital (@rektcapital) October 15, 2024
Cryptocurrency analyst Ali Martinez highlighted the strong correlation between Bitcoin price increases and the behavior of large whales.
“Interestingly, while BTC has soared from $54,000 to $66,000 over the past week, whales have landed or redistributed over 70,000 BTC worth approximately $4.2 billion,” the analyst said. said.
A large amount of whales in stock, #bitcoinis the price. 👀👀👀
Interestingly, on the other hand, $BTC Prices have soared from $54,000 to $66,000 in the past week, with more than 70,000 whales landed or redistributed. #BTCits value is approximately $4.2 billion. pic.twitter.com/KKcYdjF7Oo
— Ali (@ali_charts) October 15, 2024
Image via Unsplash
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