Leading cryptocurrencies rose Tuesday with the successful debut of spot Bitcoin BTC/USD exchange-traded funds (ETFs) options.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin BTC/USD | +1.46% | $92,264.28 |
| Ethereum ETH/USD | -1.96% | $3,112.15 |
| Dogecoin DOGE/USD | +4.77% | $0.3875 |
What Happened: Bitcoin recorded a new all-time high after breaching $94,000. The rally came after Nasdaq listed options for BlackRock’s iShares Bitcoin Trust ETF IBIT for the first time, giving a fillip to institutional adoption of the world's largest cryptocurrency.
Robert Mitchnick, BlackRock's head of digital assets, told a panel at the Benzinga Future of Digital Assets conference that the options trading volume breached the 1 billion mark on its first day.
Ethereum wiggled in the $3,100 zone throughout the day. Over the last week, the asset lost nearly 5% of its value, while Bitcoin gained 4.59%.
Total cryptocurrency liquidations reached $293 million in the last 24 hours, with $183 million in bullish bets getting evaporated. .
Bitcoin's Open Interest (OI) increased by 2.54% in the last 24 hours, indicating opening of new derivatives.
Most of the new positions bet against Bitcoin's price rise, as Long/Shorts Ratio fell sharply below 1 in the last 24 hours.
The euphoria ebbed considerably, as the reading on the Cryptocurrency Fear and Greed Index dropped from 90 to 83.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Cronos (CRO) | +10.25% | $0.1855 |
| Kaia (KAIA) | +8.04% | $0.1481 |
| Goatseus Maximus (GOAT) | +7.70% | $1.13 |
The global cryptocurrency market capitalization stood at $3.08 trillion, growing by 0.43% in the last 24 hours.
Tech-related stocks moved up Tuesday, bolstered by Nvidia Corp.’s NVDA rally.
The Nasdaq Composite lifted 195.66 points, or 1.04%, to end at 18,987.47. The S&P 500 added 0.40% to close at 5,916.98. Meanwhile, the Dow Jones Industrial Average recorded a second straight day of decline, closing 0.28% lower at 43,268.94.
Shares of Nvidia jumped 4.89% ahead of the company's highly-anticipated third-quarter earnings report on Wednesday.
Oil prices rose slightly after Ukraine used American-made long-range ATACMS missiles to hit Russia. The U.S. West Texas Intermediate (WTI) traded at $69.53 a barrel, up 0.22%.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular on-chain analytics firm Santiment noted lower enthusiasm on social media despite Bitcoin smashing past $94,000.
"The lack of euphoria is an encouraging sign, as FOMO typically leads to corrections," it added.
Santiment stated that as long as retail investors were quiet, whales can pump the market with minimal pushback.
Widely-followed cryptocurrency analyst Ali Martinez raised the possibility of Ethereum outperforming Bitcoin in the days ahead.
"That hasn't happened yet in the current cycle, but it is certainly on the horizon. As ETH lags behind, there is an opportunity here to buy before it outperforms," the analyst added.
In terms of price action, Martinez predicted that the second-largest cryptocurrency will reach the middle and upper boundaries of the ascending parallel channel, at $4,000 and $6,000, respectively.
Photo by Avi Rozen on Shutterstock
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