Leading cryptocurrencies recovered alongside stocks on Tuesday, as investors bought the latest dip.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:20 p.m. ET) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +6.02% | $91,890.38 |
| Ethereum (CRYPTO: ETH) |
+7.52% | $3,011.89 |
| XRP (CRYPTO: XRP) | +6.50% | $2.15 |
| Solana (CRYPTO: SOL) | +8.62% | $138.27 |
| Dogecoin (CRYPTO: DOGE) | +7.60% | $0.1462 |
Crypto Sentiment Improves
Bitcoin staged a relief rally, pushing past $92,000, after Monday’s downfall.
The apex crypto’s rebound had an impact on the rest of the market, with Ethereum surging over 3% to break past the crucial $3,000 resistance level. XRP and Dogecoin also recouped their losses.
Cryptocurrency-tied stocks such as Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) rallied sharply, gaining 5.78% and 10.26%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and BMNR here.
Over $300 million in bearish short positions were wiped out from the cryptocurrency market over the last 24 hours, according to Coinglass.
Bitcoin’s open interest grew 2.44% in the last 24 hours, while nearly 60% of Binance traders with open BTC positions were long as of this writing.
The market sentiment improved from “Extreme Fear” to “Fear,” according to the Crypto Fear & Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:20 p.m. ET) |
|---|---|---|
| Pieverse (PIEVERSE ) | +99.40% | $0.6938 |
| Turbo (TURBO) |
+37.50% | $0.002526 |
| Brett (Based) (BRETT ) | +34.61% | $0.02045 |
The global cryptocurrency market capitalization stood at $3.10 trillion, growing by 5.52% in the last 24 hours.
Stock Market Also Rallies
Stocks followed the cryptocurrency market’s rebound. The Dow Jones Industrial Average rallied 185.13 points, or 0.39%, to end at 47,474.46. The S&P 500 lifted 0.25% to finish at 6,829.37, while the tech-heavy Nasdaq Composite climbed 0.59% to finish at 23,413.67.
With a week until the year’s final Federal Reserve meeting, investors have assigned an 89% possibility that the central bank will decrease interest rates by 25 basis points, according to the CME FedWatch tool.
Tariff-releated developments also made headlines, with Commerce Secretary Howard Lutnick confirming a reduction in the general rate on South Korean imports, including automobiles, to 15%.
Key Levels For Bitcoin To Break
Widely followed cryptocurrency analyst and trader Ali Martinez identified key Bitcoin resistance levels at $99,070 and $122,060, citing the Market Value to Realized Value Extreme Deviation bands.
These pricing bands use statistical deviation from the MVRV ratio’s all-time average to identify potential market tops and bottoms.
On-chain analytics firm Santiment noted that Bitcoin’s rebound has flipped retail discussions from fearful mentions to greedy calls.
Santiment said that when the crowd is extra greedy, it signals a “likely market fall.”
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