Leading cryptocurrencies rose Tuesday, helped by improved consumer confidence and the Trump family’s foray into the Bitcoin treasury space.

What Happened: The apex cryptocurrency tapped the high $110,000s in the early morning hours before sliding to the $108,000 region overnight.

Ethereum saw greater momentum as the second-largest cryptocurrency jumped 4.5% in the last 24 hours, reaching an intraday high of $2,712.29. 

As of this writing, Ethereum has outperformed its senior sibling in the second quarter, up 45% to Bitcoin’s 31% increase.

The moves come after Trump Media & Technology Group DJT, a firm co-founded and majority-owned by President Donald Trump, announced it will use the proceeds of a $2.5 billion private offering to create a Bitcoin treasury.

Meanwhile, over $231 million was liquidated from the cryptocurrency market in the last 24 hours, with the majority being bearish short bets.

Bitcoin’s Open Interest rose 1.87% in the last 24 hours, while Ethereum saw a 7.68% jump in funds locked in its derivatives. More than 57% of Binance traders with open ETH positions were positioned long as of this writing.

Top Gainers (24-Hours)

The global cryptocurrency market capitalization stood at $3.44 trillion, following a spike of 1.31% in the last 24 hours.

Stocks lifted on the first day of the holiday-shortened trading week. The Dow Jones Industrial Average gained 740.58 points, or 1.78%, to end at 42,343.65. The S&P 500 added 2.05% to close at 5,921.54, while the tech-heavy Nasdaq Composite rallied 2.47% to end at 19,199.16.

The market reacted to Trump’s decision to delay the 50% tariffs on European Union imports until July 9 from June 1. Additionally, U.S. consumer confidence rebounded in May, fueled by a recovering stock market and hopes tied to easing U.S.-China trade tensions.

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Analyst Notes: Cryptocurrency analyst and trader Ali Martinez indicated that Bitcoin’s top could be some time away.

“Bitcoin traders are currently sitting on 27% average profits. Historically, things start to look toppy once profits exceed 40%,” Martinez added.

Another widely followed cryptocurrency commentator, Michaël van de Poppe, said ETH was looking primed for a breakout above $3,000.

“ETH is probably the best play to have in your base portfolio,” he stated.

Photo Courtesy: Yalcin Sonat On Shutterstock.com

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