Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Major cryptocurrencies had a varied trading session on Tuesday, with the overall value of the cryptocurrency market capitalization reaching a 16-month high due to a surge in altcoin rally and positive sentiment in traditional markets.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +1.24% | $35,398 |
| Ethereum (CRYPTO: ETH) | -0.22% | $1,889 |
| Dogecoin (CRYPTO: DOGE) | -2.05% | $0.073 |
What Happened: 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 implosion of the Terra ecosystem.
Based on data from Coinglass, 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.
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Top Gainer (24 Hour)
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EDT) |
| Trust Wallet token | +10.42% | $1.79 |
| Solana | +9.11% | $43.96 |
| Cronos | +8.54% | $0.080 |
The global crypto market cap currently stands at $1.33 trillion, reflecting an increase of 0.85% in the past 24 hours.
The S&P 500 and Nasdaq Composite continued their winning streaks on Tuesday, marking their longest run in nearly two years and building on November’s rally. The S&P 500 saw a 0.28% increase, closing at 4,378.38, while the Nasdaq surged by 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 anticipating 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.
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Analyst Notes: Michael Van de Poppe noted that while Bitcoin remains in consolidation mode, there is an ongoing correction in the Altcoin market. "Pretty natural, did happen last week too. Altcoins having 10-20% corrections are entry points."
#Bitcoin continues to consolidate, while #Altcoins are correcting.Pretty natural, did happen last week too. #Altcoins having 10-20% corrections are entry points.
— Michaël van de Poppe (@CryptoMichNL) November 7, 2023
A crypto analyst, known as 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. "I would be gobbling up any dips sub $1,720 into the yellow box over the next few weeks if we are fortunate enough to get it."
Analyst Crypto Rover predicts that the BlackRock Bitcoin Spot ETF, which is backed 1:1 by real BTC, will have a significant impact. "Only a few will understand… The BlackRock Bitcoin Spot ETF has a 1:1 backing with real BTC. This will push Bitcoin above $100,000 almost instantly."
Only a few will understand…The BlackRock #Bitcoin Spot ETF has a 1:1 backing with real $BTC.
This will push Bitcoin above $100,000 almost instantly.
You're early in the game… pic.twitter.com/lFSrhAZAEd
— Crypto Rover (@rovercrc) November 7, 2023
Photo by Igor Faun on Shutterstock
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