Bitcoin pulled back from near-new highs Tuesday, while stocks rallied on Alphabet Inc.'s (NASDAQ:GOOGL) better-than-expected third-quarter earnings.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. EDT) |
| Bitcoin (CRYPTO: BTC) | +3.66% | $72,287.07 |
| Ethereum (CRYPTO: ETH) | +2.31% | $2,625.49 |
| Dogecoin (CRYPTO: DOGE) | +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.
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.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst Rekt Capital noted Bitcoin's rollicking journey to new all-time highs, adding that a monthly close around the $72,800 zone will be its highest ever.
"Without a shadow of a doubt, we're witnessing history in the making before our very eyes," the analyst remarked.
#BTC
— Rekt Capital (@rektcapital) October 29, 2024
A Monthly Candle Close just like this would be Bitcoin's highest Monthly Candle Close of all-time
Without a shadow of a doubt, we're witnessing history in the making before our very eyes$BTC #Crypto #Bitcoin pic.twitter.com/2MRpS1UkJh
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.
While #Bitcoin $BTC at $72,000 might feel like a late entry, history suggests otherwise. The MVRV Ratio crossing over its 365-SMA has often signaled major bull rallies, and this golden cross just happened again! pic.twitter.com/Awkh0WdIOK
— Ali (@ali_charts) October 29, 2024
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.
#Ethereum $ETH has held the $2,400 support level and now might target the channel's upper boundary around $6,000! pic.twitter.com/R3tss1tFLa
— Ali (@ali_charts) October 29, 2024
Photo by Igor Faun on Shutterstock
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