Bitcoin pulled back from near-new highs Tuesday, while stocks rallied on Alphabet Inc.'s GOOGL better-than-expected third-quarter earnings.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Bitcoin BTC/USD | +3.66% | $72,287.07 |
| Ethereum ETH/USD | +2.31% | $2,625.49 |
| Dogecoin DOGE/USD | +7.15% | $0.1757 |
What Happened: The world's largest cryptocurrency was within touching distance of making history as it flew to $73,577, just $160 away from the peak established earlier in March. However, the advance was halted as investors started cashing out.
With the latest rally, Bitcoin’s October gains jumped to 14.26%, as the month delivered on its promise of being one of the most rewarding in the market.
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Ethereum also pulled back after scaling an intraday high of $2,680.
The rally liquidated nearly $185 million in leveraged short positions over the last 24 hours, with total cryptocurrency liquidations surging to $257 million.
Bitcoin's Open Interest soared 5.11% to $43.17 billion in the last 24 hours.
The number of long positions held by whale investors on cryptocurrency exchange Binance exceeded the number of shorts by a factor of 1.42
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Sui (SUI) | +14.89% | $2.11 |
| First Neiro On Ethereum (NEIRO) | +10.61% | $0.00172 |
| Aptos (APT) | +8.75% | $10.09 |
The global cryptocurrency stood at $2.43 trillion, following an increase of 3.04% in the last 24 hours.
Stocks bumped to new highs Tuesday. The tech-heavy Nasdaq Composite surged 145.56 points, or 0.78%, to end at a record close of 18,712.75. The S&P 500 gained 0.16% to end at 5,832.92. To the contrary, the Dow Jones Industrial Average slipped 0.36% to end at 42,233.05.
The rally came ahead of the third-quarter earnings report of the so-called "Magnificent 7" companies. Tech behemoth Alphabet released its numbers after market close, with revenue and earnings beating analysts' estimates.
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Analyst Notes: Popular cryptocurrency analyst Rekt Capital noted Bitcoin's rollicking journey to new all-time highs, adding that a monthly close around the $72,800 zone will be its highest ever.
"Without a shadow of a doubt, we’re witnessing history in the making before our very eyes," the analyst remarked.
Another well-known analyst, Ali Martinez, called attention to Bitcoin's MVRV Ratio's golden cross above its 365-day simple moving average, an event that has preceded "major" bull rallies throughout history.
Additionally, Martinez raised expectations for Ethereum, projecting a target of $6,000 after it managed to hold on to the key support level at $2,400.
Photo by Igor Faun on Shutterstock
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