Major cryptocurrencies remained steady on Tuesday, despite a new Wall Street player unveiling a Bitcoin treasury strategy.
| Cryptocurrency | Change +/- | Price (As of 9:30 p.m. ET) |
| Bitcoin BTC/USD | +0.58% | $87,826.14 |
| Ethereum ETH/USD |
-0.17% | $2,073.75 |
| Dogecoin DOGE/USD | +5.00% | $0.1945 |
Overview: The leading cryptocurrency reached an intraday peak of $88,542.39, showing a significant recovery from the lows of $77,500 seen two weeks ago. Despite this, Bitcoin remains down over 19% from its all-time highs established two months prior.
This sideways trading occurred even as video game retailer GameStop Corp GME disclosed plans to utilize Bitcoin as a Treasury reserve asset.
Ethereum stabilized around the $2,000 mark, reaching a high of $2,084.04 during the day.
Bitcoin’s market dominance rose to 60.5%, while Ethereum’s share decreased by 1.91% over the past 24 hours. Meanwhile, Dogecoin achieved a notable gain of 5%.
In the last 24 hours, 79,798 traders experienced liquidations, totaling $159.85 million, with long and short positions being affected in nearly equal proportions.
Bitcoin’s Open Interest dropped by 0.55% over the past day, and Ethereum also saw a slight decline in the funds locked in its pending futures contracts.
According to the Long/Short Ratio, there has been a sharp increase in traders betting on a price rise for Bitcoin compared to those anticipating a decline.
The market sentiment shifted from “Fear” to “Neutral,” as indicated by the Crypto Fear and Greed Index, reflecting a more balanced market environment.
Top Performers (24 Hours)
| Cryptocurrency | Change +/- | Price (As of 9:30 p.m. ET) |
| Movement (MOVE) | +30.06% | $0.5668 |
| Cronos (CRO) | +15.40% | $0.1094 |
| Zcash (ZEC) | +13.23% | $36.46 |
The global cryptocurrency market capitalization reached $2.88 trillion, after a slight increase of 0.41% in the last 24 hours.
Stocks continued to follow the previous session’s upward trend, with the Dow Jones Industrial Average gaining a modest 1.42% to finish at 42,587.50. The S&P 500 rose 0.16%, closing at 5,776.65, while the tech-centric Nasdaq Composite added 0.46% to end at 18,271.86.
These gains occurred despite negative consumer confidence data dropping to its lowest level since late 2022.
See More: Top Cryptocurrency Scanners
Analyst Insights: Notable blockchain analytics firm Santiment remarked that Bitcoin’s surge to $88,500 has rejuvenated optimism among retail traders.
The firm observed a rise in trader greed, with BTC price forecasts on social media ranging between $100,000 and $159,000.
“Keep in mind that cryptocurrency markets have historically tended to move contrary to the crowd’s expectations,” Santiment stated, hinting this might be an opportune moment for profit-taking.
Prominent cryptocurrency analyst Ali Martinez pointed out Ethereum’s breakthrough above $2,040.
“The next significant hurdle is at $2,300, which appears to present strong resistance,” Martinez noted.
Image courtesy of SvetlanaParnikova on Shutterstock
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