Leading cryptocurrencies rose Tuesday, as softer-than-expected consumer inflation bolstered risk appetite.
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Bitcoin BTC/USD | +1.41% | $103,877.58 |
| Ethereum ETH/USD |
+8.92% | $2,688.48 |
| Dogecoin DOGE/USD | +5.85% | $0.2396 |
What Happened: Bitcoin nearly reached $105,000 late afternoon before reversing course to the mid-$103,000s.
Ethereum breached $2,700 for the first time since Feb. 25, helped by a 9% rally over the last 24 hours.
Ethereum’s market dominance increased further to 9.6%, while Bitcoin’s pie shrank to 61%
The rally eroded over $240 million in bearish bets in the last 24 hours, while the total liquidations shot up to $387 million.
Bitcoin’s Open Interest rose 0.87% in the last 24 hours, although bets against the cryptocurrency in the Binance derivatives market increased to 59% of the total.
The magnitude of the “Greed” sentiment increased from 70 to 73, according to the Crypto Fear and Greed Index.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 8:30 p.m. ET) |
| Ethena (ENA) | +19.92% | $0.456 |
| Pi (PI) | +17.10% | $1.30 |
| The Graph (GRT) | +10.73% | $0.1303 |
The global cryptocurrency market capitalization stood at $3.38 trillion, following an increase of 2.32% in the last 24 hours.
Major stock indexes extended their gains Tuesday. The S&P 500 rose 0.72% to close at 5,886.55, while the tech-heavy Nasdaq Composite gained 1.61% to end at 19,010.08. The Dow Jones Industrial Average was the outlier, losing 269.67 points, or 0.64%, to end at 42,140.43.
Disclosure: 82% of retail CFD accounts lose money
Investors parsed April’s softer-than-expected Consumer Price Index data, which suggested that President Donald Trump’s tariff measures didn’t have an immediate impact on the cost of living.
The risk-on sentiment has also improved after the U.S. and China agreed to slash their retaliatory tariffs.
See More: Best Cryptocurrency Scanners
Analyst Notes: Cryptocurrency analyst and trader Michaël van de Poppe predicted that the reduced inflation would ease investors and potentially lead to the Federal Reserve lowering interest rates.
“The cocktail for Bitcoin to go ballistic is getting there,” he added.
Chris Kline, the co-founder and COO of Bitcoin IRA, attributed Bitcoin’s run past $100,000 partly to the strategic reserve race among states.
“The combination of institutional adoption through ETFs and now governmental reserves creates unprecedented demand pressure against Bitcoin’s mathematically limited supply,” Kline said.
He added that governments have recognized the power of holding finite digital assets in an era of unlimited fiat currency.
Photo Courtesy: Antonio Gravante On Shutterstock.com
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