Cryptocurrencies had a mixed trading session on Tuesday, with the overall value of the cryptocurrency market capitalization hitting a 16-month high due to a surge in altcoin rally and positive sentiment in traditional markets.
Bitcoin (CRYPTO: BTC) was up 1.24%, Ethereum (CRYPTO: ETH) was down 0.22%, and Dogecoin (CRYPTO: DOGE) was down 2.05%. The crypto rally has now extended beyond Bitcoin, resulting in the total cryptocurrency market capitalization surpassing $1.31 trillion on Tuesday, according to TradingView data. This milestone represents the highest reading since late May 2022, a period marked by the collapse of the Terra ecosystem.
In addition, Bitcoin futures Open Interest (OI) has crossed the $15 billion milestone for the first time since the UST de-pegging incident in early May 2022, according to Coinglass data.
The top gainer (24 Hour) was Trust Wallet token, up 10.42%, followed by Solana, up 9.11%, and Cronos, up 8.54%.
The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all made gains on Tuesday. The S&P 500 rose 0.28%, closing at 4,378.38, while the Nasdaq surged 0.9%, ending at 13,639.86. The Dow Jones Industrial Average also made gains, edging up 56.74 points or 0.17%, settling at 34,152.60.
Market participants are eagerly awaiting further commentary from central bank speakers, particularly Federal Reserve Chair Jerome Powell. Moreover, this week will see the release of quarterly results from Disney, Wynn Resorts, and Occidental Petroleum.
Crypto analyst Bluntz, who accurately predicted Bitcoin’s bottom in 2018, is now optimistic about Ethereum’s future. Bluntz shared a chart projecting a brief correction for ETH before a surge to nearly $2,400 in the coming months.
Analyst Crypto Rover predicts that the BlackRock Bitcoin Spot ETF, which is backed 1:1 by real BTC, will have a significant impact.
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