Leading cryptocurrencies climbed alongside stocks on Tuesday after President Donald Trump said the military campaign against Iran could end soon, even if the Strait of Hormuz remains largely closed.
| Cryptocurrency | 24-Hour Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
|---|---|---|
| Bitcoin (CRYPTO: BTC) | +1.26% | $68,103.05 |
| Ethereum (CRYPTO: ETH) | +3.09% | $2,102.70 |
| XRP (CRYPTO: XRP) | +1.31% | $1.34 |
| Solana (CRYPTO: SOL) | +0.50% | $83.19 |
| Dogecoin (CRYPTO: DOGE) | +1.50% | $0.09203 |
Crypto Rallies As Bearish Traders Exit
Bitcoin regained $68,000 overnight after sliding below $66,000 earlier in the day. Trading volume rose 10% over the last 24 hours.
Ethereum bounced from the lows of $1,939.53 to recapture $2,100. XRP and Dogecoin also traded in the green.
Shares of Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closed up 2.27% and 8.09%, respectively.
Over $270 million in crypto positions were liquidated in the past 24 hours, with long and short liquidations almost evenly split, according to Coinglass data.
Open interest in Bitcoin futures fell 3.42% in the last 24 hours. A drop in open interest coupled with an increase in spot price typically indicates short covering, which occurs when bearish traders exit the market.
Top Gainers (24 Hours)
| Cryptocurrency (Market Cap>$100 M) | Gains +/- | Price (Recorded at 9:15 p.m. EDT) |
| SuperTrust (SUT) | +30.16% | $0.8315 |
| Algorand (ALGO) | +18.88% | $0.09803 |
| Stable (STABLE) | +16.99% | $0.02845 |
The global cryptocurrency market capitalization stood at $2.35 trillion, following an increase of 1.28% from the previous day.
Stocks Rebound After Trump Signals End Of Iran War
The stock market made a sharp recovery on Tuesday. The Dow Jones Industrial Average rose 1,125.37 points, or 2.49%, to close at 46,341.51. The S&P 500 rallied 2.91% to end at 6,528.52, while the tech-heavy Nasdaq Composite climbed 3.83% to settle at 21,590.63.
Optimism returned after Trump hinted at ending the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed, a day after saying that the U.S. is in "serious discussions" with a "new, and more reasonable, regime."
Oil prices showed no major pullback, as West Texas Intermediate crude futures traded up 0.60% at $101 per barrel. Spot gold rose 0.75% to trade at $4,702 an ounce
Bitcoin’s Best Buy Zone?
A researcher from blockchain analytics firm CryptoQuant highlighted that Bitcoin's realized price—average price at which all coins in circulation were last bought or moved—is around $54,000.
"If a scenario happens where the price falls to $54,000 or below, then those periods are the best places to buy on spot and accumulate Bitcoin step by step," the researcher added.
Widely followed cryptocurrency analyst and trader Ali Martinez identified a pattern where Ethereum prices bottom near the 0.80 Market Value to Realized Value pricing band, currently at $1,880, and start a new bull market.
The Market Value to Realized Value bands are used to identify potential overbought and oversold conditions.
Photo: Joshua Sukoff On Shutterstock.com
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