Bitcoin traded higher on Thursday after a ferocious rally in Tesla Inc.’s TSLA pushed the stock out of losses.
Cryptocurrency Rise +/- Price (Recorded at 9:30 PM EDT)Bitcoin BTC/USD+1.13%$67,956.29Ethereum ETH/USD
-0.66%$2,525.51 Dogecoin DOGE/USD -1.46%$0.14
What happened: Bitcoin rose to an intraday high of $68,693 in the US evening hours, but took profits below $68,000.
The world’s largest cryptocurrency took a sharp turnaround after gaining $69,000 earlier this week. At the time of writing, the rate of increase in October was only 7%, which is well below the historical average of 21.57%.
Ethereum did not rise and remained in the $2,500 range throughout the day.
Total crypto liquidations in the past 24 hours reached $104 million, half of which was accounted for by long-term liquidations.
Bitcoin’s open interest increased slightly by 0.05% in 24 hours. Interestingly, most institutional investors and top traders on Binance bet on cryptocurrencies according to the long/short ratio.
According to the Crypto Fear and Greed Index, market sentiment remains in the “greed” zone, suggesting bullish sentiment.
Top Gainers (24 hours)
Cryptocurrencies +/- Price Rise (Recorded at 9:30pm EDT)Cat In A Dogs World (MEW)+18.18%$0.01125Pyth Network (PYTH)+10.91%$0.3869Raydium (RAY)+8.94%$2.93
Global cryptocurrencies reached $2.33 trillion, an increase of 2.05% in the past 24 hours.
Stocks returned strongly on Thursday, with the S&P 500 rising 0.21% to end at 5,809.86, ending a three-day losing streak. The tech-heavy Nasdaq Composite Index rose 0.76% to close at 18,415.49.
Meanwhile, the Dow Jones Industrial Average fell for the fourth day in a row, closing 0.33% lower at 42,374.36.
The rally accelerated as electric car giant Tesla Inc.’s stock soared 22% after it reported better-than-expected third-quarter profits. Thursday was the company’s best day since 2013.
Additionally, the benchmark 10-year Treasury yield fell below 4.20%, reversing from a three-month high earlier this week.
See more: Best Cryptocurrency Scanner
Analyst Note: Popular crypto analyst and trader Recto Capital said that a weekly close above $67,900 would be the most bullish outcome for Bitcoin as of now.
The analyst reiterated his previous position that the reexamination was a success.
A widely followed crypto trader known by the nickname Nylus disputed his prediction of a new low for Bitcoin, instead predicting a pullback before a rally to new highs.
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