The cryptocurrency market frenzy paused Tuesday as Bitcoin remained rangebound below its all-time high.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
| Bitcoin BTC/USD | -0.27% | $72,106.26 |
| Ethereum ETH/USD |
+1.32% | $2,656.70 |
| Dogecoin DOGE/USD | -3.54% | $0.1683 |
What Happened: The world’s largest cryptocurrency almost set a new all-time high Monday before traders started to take profits.
On Tuesday, Bitcoin was glued in the $72,000 region, hitting an intraday high of $72,905 early in the evening.
Ethereum reversed course after breaking $2,700 briefly in the early morning hours.
Total cryptocurrency liquidations exceeded $100 million over the last 24 hours, with $62 million in bullish leveraged bets getting wiped out.
Bitcoin’s Open Interest rose 0.20% in the last 24 hours, in line with the sideways movement of the spot price.
Additionally, more than 61% of all derivatives traders with open positions were short on Bitcoin, according to the Long/Short Ratio.
“Extreme Greed” engulfed the market, as per the Cryptocurrency Fear and Greed Index, raising fears of a potential correction.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:45 p.m. EDT) |
| Maker (MKR) | +8.45% | $1,245.43 |
| Chainlink (LINK) | +5.24% | $12.37 |
| Aave (AAVE) | +4.53% | $156.93 |
The global cryptocurrency stood at $2.42 trillion, following a contraction of 0.15% in the last 24 hours.
Stocks pulled back from Tuesday’s highs. The Dow Jones Industrial Average slipped 91.51 points, or 0.22%, to end at 42,141.54. The S&P 500 fell 0.33% to close at 5,813.67, while the tech-focused Nasdaq Composite tumbled 0.56% from its record close from the previous day, ending at 18,607.93.
Investors parsed key macroeconomic data, including slower-than-expected U.S. GDP growth in the third quarter and higher-than-expected private employment growth in October.
The market has priced in a more than 95% possibility of the Federal Reserve cutting interest rates by 0.25% at its FOMC meeting next week, according to CME FedWatch tool.
See More: Best Cryptocurrency Scanners
Analyst Notes: Popular cryptocurrency analyst Michaël van de Poppe noted that Bitcoin was approaching its new all-time high faster than what he previously predicted.
“I think $80,000 in November, $90,000-100,000 in December, and altcoins to strongly outperform as yields are going to drop,” the analyst issued a fresh projection.
Similarly, he predicted Ethereum to top the $3,000 level in November.
J.A. Maartunn, author at on-chain analytics firm CryptoQuant, drew attention to the growing retail investor demand for Bitcoin, which hit its highest level in seven months.
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