Bitcoin Remains Close to Historic Highs as Ethereum and Dogecoin Rally in Thriving Crypto Market

Bitcoin experienced a pullback from its near all-time highs on Tuesday, coinciding with a stock market rally following Alphabet Inc.'s impressive third-quarter earnings report.

Recent Market Performance

Cryptocurrency	Gains +/-	Price (as of 8:30 p.m. EDT)
Bitcoin (BTC/USD)	+3.66%	$72,287.07
Ethereum (ETH/USD)	+2.31%	$2,625.49
Dogecoin (DOGE/USD)	+7.15%	$0.1757

What Happened: The largest cryptocurrency almost reached a historic peak of $73,577, just shy of the previous record set in March. However, momentum was slowed as investors began to cash out their profits.

This rally brought Bitcoin’s gains for October to an impressive 14.26%, as the month continues to deliver substantial returns for investors.

Ethereum also saw a brief pullback after achieving an intraday high of $2,680.

In the last 24 hours, the market saw nearly $185 million in leveraged short positions liquidated, contributing to a overall liquidation surge of $257 million within the cryptocurrency market.

Bitcoin's Open Interest rose by 5.11% to reach $43.17 billion during the same period. Furthermore, the number of long positions held by major investors on the Binance exchange surpassed short positions by 1.42 times.

Top Cryptocurrency Performers

Cryptocurrency	Gains +/-	Price (as of 8:30 p.m. EDT)
Sui (SUI)	+14.89%	$2.11
First Neiro on Ethereum (NEIRO)	+10.61%	$0.00172
Aptos (APT)	+8.75%	$10.09

The total market capitalization for cryptocurrencies is now at $2.43 trillion, bolstered by a 3.04% increase over the last 24 hours.

In the stock market, various indices reached new highs, with the tech-heavy Nasdaq Composite gaining 145.56 points or 0.78% to reach a record close of 18,712.75. The S&P 500 also rose by 0.16%, closing at 5,832.92, while the Dow Jones Industrial Average dipped by 0.36%, finishing at 42,233.05.

The stock rally was driven by the release of earnings from prominent companies known as the "Magnificent 7." Following the market close, Alphabet reported revenue and earnings that surpassed analysts' expectations.

Expert Insights

Renowned cryptocurrency analyst Rekt Capital commented on Bitcoin’s remarkable trajectory towards new all-time highs, stating that a monthly close around $72,800 would mark its highest level ever.

"Without a doubt, we’re witnessing history in the making before our very eyes," the analyst emphasized.

Another analyst, Ali Martinez, highlighted Bitcoin's MVRV Ratio signaling a golden cross above its 365-day simple moving average, a pattern that has previously indicated significant bull markets.

Martinez further expressed optimism for Ethereum, predicting a potential target of $6,000 if it maintains support at the $2,400 level.

Photo credit: Igor Faun on Shutterstock

Bitcoin, Ethereum, Dogecoin