Leading cryptocurrencies made further advances Tuesday as investors hope to recoup losses after "Black Monday."
Cryptocurrency | Gains +/- | Price (Recorded 9:00 p.m. EDT) |
Bitcoin (CRYPTO: BTC) | +1.92% | $56,697.70 |
Ethereum (CRYPTO: ETH) | -1.11% | $2,496.40 |
Dogecoin (CRYPTO: DOGE) | -0.90% | $0.09786 |
What Happened: Bitcoin bounced as high as $56,988 during trading hours, and price action remained choppy overnight. The world's largest cryptocurrency traded 14.23% lower over the week.
Ethereum too remained volatile during the day, oscillating between $2,430 and $2,550. The Altcoin King was down 23% over the week.
In the past 24 hours, 54,989 traders were liquidated, with the total liquidations at $176.41 million. This comes after more than a billion dollars locked in speculative bets was wiped out on Monday.
Bitcoin's Open Interest marginally increased in the last 24 hours, signaling caution among investors. Ethereum recorded a 1.28% decline in OI.
The Longs/Shorts Ratio rose in the last 24 hours, indicating the closure of bearish bets in comparison to bullish ones.
The Cryptocurrency Fear & Greed Index improved from "Extreme Fear" to "Fear" due to the rebound.
Top Gainers (24-Hours)
Cryptocurrency | Gains +/- | Price (Recorded at 9:00 p.m. EDT) |
Cat in a dogs world (MEW) | +20.52% | $0.005766 |
Notcoin (NOT) | +16.62% | $0.01203 |
Akash Network (AKT) | +7.72% | $2.47 |
The global cryptocurrency market stood at $1.97 trillion, declining 0.88% in the last 24 hours.
The stock market rebounded Tuesday after Monday's heavy sell-offs. The Dow Jones Industrial Average gained 294.39 points, or 0.76%, to close at 38,997.66. The S&P 500 lifted 1.04% to end at 5,240.03. The tech-heavy Nasdaq Composite added 1.03% to finish at 16,366.85.
The recovery came after a sharp rally in Japanese stocks. After recording its worst performance since the "Black Monday" crash of 1987, the Nikkei 225 bounced 10% Tuesday.
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Analyst Notes: Legendary trader Peter Brandt likened Bitcoin's ongoing post-halving correction to the 2015-2017 cycle. Based on the trajectory of previous post-halving cycles, Brandt predicted that a new all-time high for King Crypto would take "many weeks" from now.
Price history of Bitcoin Halving Cycles $BTC
— Peter Brandt (@PeterLBrandt) August 6, 2024
Key points:
1. Current post halving correction is similar to 2015-2017
2. Post halving corrections in past two cycles indicate that a new bull cycle high could be many weeks from now pic.twitter.com/2dMvoJcrNx
Earlier in the day, Ali Martinez, known for his analyses and price predictions in the cryptocurrency space, forecast the possibility of another pullback.
"Though BTC might climb to $56,000-$57,000 at the wedge's upper boundary, watch for a potential breakdown that could pull BTC back to around $51,000," the analyst stated.
In the short term, #Bitcoin forms a rising wedge, a pattern often linked to downtrends. Though $BTC might climb to $56,000-$57,000 at the wedge's upper boundary, watch for a potential breakdown that could pull #BTC back to around $51,000! pic.twitter.com/qwBvwwHNnO
— Ali (@ali_charts) August 6, 2024
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