Bitcoin retraced from near-record highs on Tuesday, while tech stocks surged following Alphabet Inc.’s (NASDAQ:GOOGL) strong Q3 earnings report.
Cryptocurrency Price Update (as of 8:30 p.m. EDT):
• Bitcoin (CRYPTO: BTC): +3.66% to $72,287.07
• Ethereum (CRYPTO: ETH): +2.31% to $2,625.49
• Dogecoin (CRYPTO: DOGE): +7.15% to $0.1757
Bitcoin, the largest cryptocurrency, nearly broke its all-time high, reaching $73,577—just shy of March’s peak. Profit-taking among investors, however, caused a slight pullback. Despite this, Bitcoin’s October gains have reached 14.26%, making it one of the month’s top performers.
Ethereum similarly dipped after peaking at $2,680. The recent rally led to the liquidation of nearly $185 million in short positions within the past 24 hours, bringing total crypto liquidations to $257 million. Bitcoin’s Open Interest climbed 5.11% to $43.17 billion, and long positions from whale investors on Binance outnumbered shorts by a ratio of 1.42.
Top Gainers Over the Past 24 Hours:
• Sui (SUI): +14.89% to $2.11
• First Neiro on Ethereum (NEIRO): +10.61% to $0.00172
• Aptos (APT): +8.75% to $10.09
The global cryptocurrency market cap rose by 3.04%, reaching $2.43 trillion. Meanwhile, U.S. stocks hit new highs, with the Nasdaq Composite gaining 145.56 points (0.78%) to close at a record 18,712.75 and the S&P 500 increasing by 0.16% to 5,832.92. However, the Dow Jones Industrial Average declined 0.36% to 42,233.05.
The stock rally occurred just before the third-quarter earnings release of major tech companies. Alphabet, part of the “Magnificent 7,” reported earnings that exceeded analyst expectations, driving broader market gains.
Renowned cryptocurrency analyst Rekt Capital highlighted Bitcoin’s historic journey, suggesting that a monthly close near $72,800 could establish a new record. Another analyst, Ali Martinez, pointed to Bitcoin’s MVRV Ratio achieving a “golden cross” above its 365-day moving average, historically a precursor to major bull runs. Martinez also projected Ethereum might target $6,000, holding strong support around $2,400.
