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Bitcoin, Ethereum, Dogecoin Spike — Analyst Says ‘Decent Chance We’ll See BTC Run Peaks Here’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

Major coins were trading higher on Tuesday night as the global cryptocurrency market capitalization rose 2% to $804.9 billion at 8:33 PM EST.


Price performance of large coins
Coin 24 hours a day 7 days Price
Bitcoin BTC/USD 2.3% -3.8% $16,193.39
Ethereum ETH/USD 2.4% -10% $1,131.27
Dogecoin DOGE/USD 4.1% -9.75% $0.08

Top 24-hour winners (data via CoinMarketCap)
Cryptocurrency 24-hour % change (+/-) Price
Curve Dao Token (CRV) +27.8% $0.65
Litecoin (LTC) +14.1% $69.98
Convex finance (CVX) +12% $3.99

See also: Webull vs. eToro: Which is Better for Crypto?

Why it matters: Bitcoin and Ethereum traded in the green on Tuesday night on a day where stocks ended positive. The S&P 500 and Nasdaq both closed 1.4% higher intraday. Equity futures were largely unchanged at the time of writing.

Investors are expecting the release of Federal Open Market Committee on Wednesday. Former Cleveland Fed President Loretta Master said softer inflation data was “good news” but not enough to stop the cycle of rate hikes.

“The latest round of Fed speech didn’t teach us anything new,” said Edward Moyaa senior market analyst at OANDA.

“The labor market is a key concern for the Fed, Mester also pointed out that demand for labor still exceeds supply. However, recent trends show that the labor market is showing signs of cooling.”

On Bitcoin, Moya said it is “back above the $16,000 level, but still at risk as everyone waits for the next crypto domino to fall.”

“Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom out. Bitcoin has support ahead of the $15,500 level, but if that doesn’t hold, technical selling could send prices towards the $13,500 region.”

Cryptocurrency trader Michael van de Poppe said the apex coin is “showing some more continuation” but “needs to regain a few more levels to show serious strength.”

Justin Bennett said that “markets remain range but short liquidations build above $17k.” The trader said: “Decent chance we see [Bitcoin] run the tops here.”

Market information platform Holy noted that the word “death” has been circulating in cryptocurrency discussions since November.

“As one of the several [bearish] sentiment words, this is a sign that traders are giving up on the markets recovering. Ironically, this capitulation is historically when markets recover.”

Read next: What is happening with Grayscale Bitcoin Trust (GBTC) today?

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