Leading cryptocurrencies traded flat on Tuesday, even as another Wall Street player announced a Bitcoin treasury strategy.

What Happened: The apex cryptocurrency rallied to an intraday high of $88,542.39, a marked improvement from the lows of $77,500 two weeks ago. Bitcoin, however, still traded down over 19% from its all-time highs set two months earlier.

The sideways price action came despite video game retailer GameStop Corp. GME announcing plans to adopt Bitcoin as a Treasury reserve asset.

Ethereum consolidated in the $2,000 region, with a high of $2,084.04 recorded during the day.

Bitcoin’s market dominance increased to 60.5% while Ethereum’s share shrank by 1.91% over the last 24 hours. Dogecoin, meanwhile, recorded a healthy gain of 5%.

In the past 24 hours, 79,798 traders were liquidated, with total liquidations at $159.85 million. Nearly equal amounts of longs and shorts were wiped out.

Bitcoin’s Open Interest fell 0.55% in the last 24 hours, while Ethereum also recorded a marginal decline in funds locked in its unsettled futures contracts.

Traders betting on Bitcoin’s price increase surged sharply vis-à-vis those betting on its decline, according to the Long/Short Ratio.

The market sentiment changed from “Fear” to “Neutral,” according to the Crypto Fear and Greed Index, suggesting a balance between market forces.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $2.88 trillion, following a marginal increase of 0.41% in the last 24 hours.

Stocks carried on from the previous session’s gains. The Dow Jones Industrial Average eked out a narrow gain of 1.42% to close at 42,587.50. The S&P 500 gained 0.16%, ending at 5,776.65. The tech-focused Nasdaq Composite added 0.46% to close at 18,271.86.

The gains came despite pessimistic consumer confidence data that fell to its lowest reading since late 2022.

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Analyst Notes: Popular on-chain blockchain analytics firm Santiment stated that Bitcoin’s spike to $88,500 has brought optimism back to retail traders

The firm noted that trader greed has escalated, with BTC price projections on social media ranging from $100,000 to $159,000.

“Remember that cryptocurrency markets have ALWAYS historically moved the opposite direction of the crowd’s expectations,” Santiment said, suggesting that this could be a good time for profit-taking.

Influential cryptocurrency analyst, Ali Martinez, highlighted Ethereum’s breach of $2,040.

“The next key hurdle is $2,300, where the pricing bands suggest strong resistance,” Martinez added.

Photo by SvetlanaParnikova on Shutterstock

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