The market value of all cryptocurrencies reached a new record high of $3.1 trillion, representing a gain of $90 billion.
With a volume of $12.1 billion, Dogecoin surpassed Ripple (XRP) and Solana put together to become the third most popular cryptocurrency on Tuesday.
The largest portion of the $275.7 million in crypto liquidations—long contracts worth $109.8 million—became liquidated by bulls.
Breakout indications appear in the DOGE cryptocurrency, AKT reaches unicorn status, and BONK and PNUT are at the forefront of the memecoin craze, according to cryptocurrency market reports.
Dogecoin's price recovered the $0.40 mark with a 4% rise for the day.
The on-chain signs indicate that DOGE bulls may aim for a breakthrough to $0.50 now that selling pressure is reducing.
Akash Network (AKT) was one among the best performers, rising 7.5% and surpassing $4 on Tuesday.
With its market value having surpassed $1 billion, AKT has reached a significant milestone.
Reasons for today's spike in the price of Akash network (AKT)
Speculative demand is on the rise in the days leading up to NVIDIA's earnings call on November 20, according to market reports, which may explain the recent AKT token spike.
The crypto AI and big data industries saw a notable uptick in demand as NVIDIA beat revenue projections in all four of its most recent earnings calls, which span from October 2023 forward.
As a result, smart traders are trying to get a jump on possible profits if NVIDIA beats market forecasts for its sixth straight quarter on Wednesday. If this happens, AKT's 7.5% climb might continue into the next psychological obstacle at $5.
With daily period increases of 8% and 5%, respectively, BONK and the newly released PNUT ruled the charts in the Solana memecoin sub-sector.
On Tuesday, after the commencement of options trading for BlackRock’s iShares Bitcoin ETF (IBIT) by NASDAQ, the price of bitcoin surged 4%, reaching a new record high of $93,816.
Bearish traders, according to data from the futures market, aren't going anywhere and are aggressively raising the leverage on their short holdings.
This action may hinder Bitcoin's price from breaking beyond the $95,000 mark.
With almost $4.2 billion in leveraged long bets vs $2.7 billion in active BTC short contracts, the bulls seem to be in control, at least at first appearance.
Looking at the chart more closely, however, reveals that, with over 65% of all current short contracts concentrated around the $95,000 resistance level, bears have concentrated $1.64 billion in leverage.
At the crucial $90,000 level, bulls have only managed to build $1.1 billion in support.
The bears' stakes are far bigger at the present levels, therefore they will certainly take more drastic steps to avert losses soon.
Therefore, Bitcoin's $95,000 breakthrough might be hindered once again unless there are new triggers for market demand to reinforce the tailwinds from NASDAQ listing BlackRock's IBIT ETF.
Senator Cynthia Lummis (R-US) has put Bitcoin on the table as a potential asset for the national strategic reserve.
Lummis recently advised the Federal Reserve to buy bitcoin (BTC) using part of its gold holdings in order to protect the economy from economic uncertainty and reduce the growing national debt in an interview with Bloomberg.
As a member of the Senate Banking, Housing, and Urban Affairs Committee, Wyoming Senator Cynthia Lummis plays a pivotal role in the regulation of cryptocurrencies.
Together with Senator Kirsten Gillibrand, she also spearheads major crypto-related legislation initiatives including the Responsible Financial Innovation Act.
The goal of this legislation is to create a standard for digital assets that will encourage innovation, guarantee transparency, and safeguard consumers.
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