Leading cryptocurrencies halted their rally on Tuesday, even as stocks and precious metals kept climbing.
Crypto Rally Stalls
Bitcoin fell sharply to $91,280 in early-afternoon trading before rebounding to around $93,500 by evening.
Ethereum took a breather, settling around the $3,300 region after days of upward momentum. Meanwhile, XRP and Dogecoin fell sharply.
Shares of cryptocurrency-linked stocks Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN) closed down 4.10% and 1.71%, respectively, during the regular trading session.
Benzinga Edge delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and COIN here.
Nearly $450 million was liquidated from the cryptocurrency market in the last 24 hours, according to Coinglass, with 65% accounting for long liquidations.
Bitcoin's open interest fell 2.97% in the last 24 hours. Notably, more than 60% of Binance top traders i.e, the top 20% users with the highest margin balance, were long on Bitcoin.
The "Fear sentiment prevailed in the market, according to the Crypto Fear and Greed Index.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 8:20 p.m. ET) |
| JasmyCoin (JASMY ) | +24.07% | $0.009330 |
| Rain (RAIN ) | +12.03% | $0.009131 |
| River (RIVER ) | +11.53% | $18.32 |
The global cryptocurrency market capitalization increased to $3.19 trillion, following a modest drop of 0.93% in the last 24 hours.
Stocks Notch Record Highs
Stocks extended their rally on Tuesday. The Dow Jones Industrial Average rose 484.90 points, or 0.99%, to close at a record high of 49,462.08. The S&P 500 gained 0.62%, also closing at a record high at 6,944.82. The tech-focused Nasdaq Composite lifted 0.65% to finish at 23,547.17.
Precious metals also continued their upward momentum, as spot gold climbed to $4,485 per ounce and spot silver advanced 0.78% to $81.90 per ounce.
What Is This Positive Signal For Crypto?
Blockchain analytics firm CryptoQuant stated that the Bitcoin-to-stablecoin ratio on Binance, used for gauging the buying power on the platform, has started to increase.
"This shift could mark the early stages of a gradual deployment of sidelined liquidity, which would represent a very positive signal for the market," the research firm added.
Rekt Capital, a widely followed cryptocurrency analyst, said that Bitcoin needs to hold $93,500 as support for "mid-term bullish bias."
The analyst further noted that Bitcoin breaking the $94,384 range high resistance and subsequently retesting it as support would signal the end of the multi-month downtrend that started in October.
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