Bitcoin (BTC) and Altcoins Trade Flat as Stock Market Closes at New Records

What Happened: Bitcoin had a rocky journey, falling to $93,645 in the morning before recovering to $96,000. The volatility came amid huge political drama in South Korea

Major cryptocurrencies traded flat on Tuesday as stock markets closed at new records.

Bitcoin fell to as low as $93,645 in the morning before recovering to trade around the $96,000 level.

The volatility in cryptocurrencies came amid huge political drama in South Korea, as President Yoon Suk Yeol revoked a martial law decree just hours after it was announced.

Cryptocurrency prices largely recovered from Monday’s sell-off, with Bitcoin’s market dominance falling by more than 6%. Among the top cryptocurrencies, altcoins recorded a significant jump in share.

The volatile movement led to more than $621 million in cryptocurrency liquidations in the last 24 hours, with bullish leveraged bets accounting for $389 million. Bitcoin's Open Interest (OI) fell by 2.26% in the last 24 hours.

Interestingly, most top traders, i.e., those with the highest margin balance, continue to be bullish on Bitcoin, as per the Long/Shorts Ratio.

The "Extreme Greed" strengthened from 76 to 78 in the last 24 hours, per the Cryptocurrency Fear & Greed Index, indicating expectations of future upsides.

Top Gainers (24-Hours)

CoinRelative Change (24-Hours)APE +34.05%UNI +23.48%SAND +19.04%CHZ +17.18%MANA +16.29%The global cryptocurrency market capitalization stood at $3.52 trillion, following an increase of 1.70% in the last 24 hours.

Major stock indexes closed at new records on Tuesday. The S&P 500 gained 0.05% to end at 6,049.88, while the tech-focused Nasdaq Composite closed 0.40% higher to 19,480.91, setting a new intraday record of 19,486.14.

However, the Dow Jones Industrial Average dropped 0.17% to close at 44,705.53.

Exchange-traded funds tracking the South Korean market fell amid political drama surrounding martial law. The iShares MSCI South Korea ETF (NYSE:EWY) closed down 1.59% to $55.81, while the Franklin FTSE South Korea ETF (NYSE:FLKR) declined 0.84% to $18.78.

Investors also parsed labor market data that revealed a higher-than-expected jump in job openings for October compared to September.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Justin Bennett made a bold prediction about Ethereum's future price moves.

"If I’m right about ETH, it trades back to $1,000 from current levels. If I’m wrong, Ethereum breaks $3,700 to target $4,000," he said. "I’ve placed my bet. I’ll be here to call out levels to watch if I'm right or admit if I'm wrong."

If I'm right about $ETH, it trades back to $1k from current levels.

If I'm wrong, #Ethereum breaks $3,700 to target $4k+.

No ego or emotions, just sharing what I see.

I've placed my bet.

I'll be here to call out levels to watch if I'm right or admit if I'm wrong. pic.twitter.com/sb5ST5Xu5z

Influential cryptocurrency market observer Michaël van de Poppe noted how the altcoins were logging double-digit gains on a daily basis.

"The good thing: we’re just getting started. The bad thing: people will lose a lot, too," he remarked.

Van De Poppe advised his followers not to chase FOMO and "take profits of the table."

The #Altcoins are extremely heating up at this point. Double-digit returns day after day; it's great.

The good thing: we're just getting started.

The bad thing:people will lose a lot, too.

Make sure to avoid chasing FOMO in those positions and take profits of the table.

Photo by Igor Faun on Shutterstock