Cryptocurrency market frenzy paused on Tuesday as Bitcoin remained range-bound below all-time highs.
Cryptocurrency Rise +/- Price (Recorded at 8:45 PM EDT)Bitcoin BTC/USD-0.27%$72,106.26Ethereum ETH/USD
+1.32%$2,656.70 Dogecoin DOGE/USD -3.54%$0.1683
What happened: The world’s largest cryptocurrency nearly hit a new all-time high on Monday before traders started taking profits.
On Tuesday, Bitcoin was stuck in the $72,000 area, hitting an intraday high of $72,905 in the early evening.
Ethereum briefly topped $2,700 early in the morning before reversing tack.
Total crypto liquidations in the past 24 hours exceeded $100 million, with $62 million in leveraged bullish bets wiped out.
Bitcoin open interest increased by 0.20% in the past 24 hours, in line with the sideways movement in spot price.
Furthermore, according to the long/short ratio, over 61% of all derivatives traders with open positions were short Bitcoin.
According to the Crypto Fear and Greed Index, “extreme greed” has gripped the market, raising concerns about a possible correction.
Top Gainers (24 hours)
Cryptocurrency Gains +/- Price (Recorded at 8:45 PM EDT) Manufacturer (MKR)+8.45%$1,245.43 Chainlink (LINK)+5.24%$12.37Aave (AAVE)+4.53%$156.93
Global cryptocurrencies shrank by 0.15% in the past 24 hours to $2.42 trillion.
Stocks have fallen from Tuesday’s highs. The Dow Jones Industrial Average fell 91.51 points, or 0.22%, to end at 42,141.54. The S&P 500 index fell 0.33% to close at 5,813.67, and the tech-heavy Nasdaq Composite Index fell 0.56% from the previous day’s closing price to close at 18,607.93.
Investors parsed key macroeconomic data, including weaker-than-expected U.S. gross domestic product growth in the third quarter and stronger-than-expected private employment growth in October.
According to the CME FedWatch tool, markets are pricing in a more than 95% chance that the Fed will cut interest rates by 0.25% at next week’s FOMC meeting.
See more: Best Cryptocurrency Scanner
Analyst Note: Popular cryptocurrency analyst Michael van de Poppe has pointed out that Bitcoin is approaching all-time highs faster than previously expected.
“I think it will be $80,000 in November and $90,000-100,000 in December.I think altcoins will significantly outperform as yields come down,” the analyst said in his new prediction. Announced.
In less than two to four weeks, we’ve been nearing all-time highs. #bitcoin.
What’s next?
I think it’s $80,000 in November and $90,000 to $100,000 in December. #altcoin It could significantly outperform as yields fall. https://t.co/tsPmdZJwAl
— Michael van de Poppe (@CryptoMichNL) October 30, 2024
Similarly, he predicted that Ethereum would break through the $3,000 level in November.
JA Martun, author of on-chain analytics firm CryptoQuant, drew attention to the increasing demand for Bitcoin from retail investors, reaching a seven-month high.
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