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Leading cryptocurrencies remained flat Tuesday, with Ethereum making modest gains, as falling oil prices boosted sentiment.

Cryptocurrency Gains +/- Price (Recorded at 9:45 p.m. EDT) Bitcoin BTC/USD -0.28% $$62,418.83 Ethereum ETH/USD

+1.23% $2,463.51 Dogecoin DOGE/USD -0.60% $0.1087

What Happened: Bitcoin spiked above $63,000 as markets opened, but the gains were reversed quickly, causing the apex cryptocurrency to wobble in the early $62,000 zone.

Ethereum moved sideways for much of the day until a sharp spike overnight pushed it to $2,470.

Total cryptocurrency liquidations hit nearly $140 million in the last 24 hours, with long liquidations accounting for over 60% of the total.

Bitcoin's Open Interest rose 0.13% in the last 24 hours, indicating the opening of new short positions that may have caused a price decline.

The number of traders placing bearish bets on the coin continued to exceed those gunning for price increases, lending credence to the aforementioned claim.

The Cryptocurrency Fear & Greed remained in the "Neutral" zone as of this writing.

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 9:45 p.m. EDT) First Neiro On Ethereum (NEIRO) +12.78% $0.001909 EigenLayer (EIGEN) +9.07% $3.73 Monero (XMR) +3.27% $150.36

The global cryptocurrency stood at $2.17 trillion, following a contraction of 0.29% in the last 24 hours.

Stocks clawed back sharply Tuesday following Monday's retrace.

Monday after closing last week on a high. The Dow Jones Industrial Average rose 126.13 points, or 0.30%, to close at 42,080.37. The broad-based index S&P 500 gained 0.97%, ending at 5,751.13, while the tech-focused Nasdaq Composite spiked 1.45% to close at 18,182.92.

The rally coincided with a sharp fall in oil prices, with West Texas Intermediate (WTI) trading down 4% earlier in the day. As of this writing, WTI was valued at $73.60 a barrel as traders continued to weigh the economic and geopolitical implications of escalating tensions in the Middle East.

Furthermore, technology stocks helped power the rebound, with AI juggernaut NVIDIA Corp. NVDA popping 4.05% during the regular session.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely-followed cryptocurrency analyst Rekt Capital stated that Bitcoin was currently in "no man's land."

The analyst added that King Crypto needed a daily close above $64,200 to enter the channel top and attempt an upside breakout.

#BTC

Bitcoin seems to be finding resistance at the $64200 (purple) level

The reality is that Bitcoin is only one Daily Close above purple away from challenging the Channel Top (black) once again

But at the moment, BTC is mid-channel, in no man's land$BTC #Crypto #Bitcoin https://t.co/nuoj4nKiXb pic.twitter.com/cHyoeO9hGH — Rekt Capital (@rektcapital) October 8, 2024

Cryptocurrency researcher Michaël van de Poppe, noting Ethereum's outperformance, predicted that it would eventually "take over" Bitcoin.

"Slowly, but surely, I think the beast will take over and continue to outperform, hence through which altcoins are likely going to do way better than Bitcoin,"

#Ethereum outperforming Bitcoin today.

Slowly, but surely, I think the beast will take over and continue to outperform, hence through which altcoins are likely going to do way better than Bitcoin.

Crucial?

Breakout above $65K for Bitcoin too. — Michaël van de Poppe (@CryptoMichNL) October 8, 2024

Photo by stockphoto-graf on Shutterstock

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