Major coins soared on Tuesday night, with the global cryptocurrency market cap rising 4.4% to $854.2 billion by 8:30 pm EST.
|Coin||24 hours||7 days||Price|
|Cryptocurrency||% change in 24 hours (+/-)||Price|
|Huobi Token (HT)||+16.5%||$7.20|
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Why it matters: dogecoin led gains among major currencies. The indicator meme coin was among the top gainers on Tuesday.
Cryptocurrencies were in the green at the time of this writing, even as US stock futures remained flat ahead of a speech by the chairman of the US Federal Reserve. Jerome Powell.
“Bitcoin is bouncing around the $16,000 level as cryptocurrency traders wait for the next domino to fall in the FTX saga,” he said. Edward Moyasenior market analyst OANDA🇧🇷
Moya said this was not a “friendly environment” to buy the cryptocurrency due to high downside risks.
“Bitcoin could continue to stabilize here if Wall Street recovers, but that seems unlikely as this bearish stock market has yet to bottom out. Bitcoin has support ahead of the $15,500 level, but if that doesn’t happen, technical selling could send prices into the $13,500 region,” Moya said in a note seen by Benzinga.
Michael van de Poppe said on the Bitcoin chart that the coin had made a higher low and was targeting resistance again. The cryptocurrency trader said that the coin reaching the range between the $16,500 and $16,800 level would trigger a continuation towards the $18,000 level for the summit coin.
Merchant Justin Bennett said he sees “many upsides” for Bitcoin if it manages to breach the $16,981 level.
Meanwhile, the Chartist Ali Martinez pointed out that 65.7% of all accounts on Binance Futures with an open Bitcoin position are long. The long-short ratio according to the chart shared by Martinez stood at 1.91.
ONE CryptoQuant The analyst said on Tuesday that although Bitcoin prices have fallen, long-term holders are taking profit. They said “the point at which long-term holders have made significant gains tends to be (or just before) a temporary price spike.”
Top Ethereum addresses have seen growth since the FTX crisis unfolded in early November. Santiment, a market intelligence platform, said the number of 100-100,000 ETH addresses is at a 20-month high.
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