Bitcoin Hovers Around New All-Time High, Ethereum, Dogecoin Surge As Crypto Market In Turbo Mode: Top Analyst Says, 'History In The Making' – Grayscale Bitcoin Mini Trust (BTC) Common units of fractional undivided beneficial interest (ARCA:BTC)

Bitcoin pulled back from near-new highs Tuesday, while stocks rallied on Alphabet Inc.’s GOOGL better-than-expected third-quarter earnings.

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)

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. 

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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.

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.

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.

Photo by Igor Faun on Shutterstock

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