What do you believe is the single most important factor driving up the cost of living in Nigeria?

Leading cryptocurrencies surged on Tuesday, matching the upswing in the stock market, as investors' confidence in risky asset classes grew.

Cryptocurrency Gains +/- Price (Recorded at 9:30 p.m. EDT) Bitcoin BTC/USD +2.56% $64,439.73 Ethereum ETH/USD

+1.21% $2,652.72 Dogecoin DOGE/USD +3.21% $0.1106

What Happened: Bitcoin, the market bellwether, swung to highs of $64,700 Tuesday overnight, a level unseen since Aug. 2. The leading cryptocurrency trended upward throughout U.S. trading hours.

Ethereum continued to chop in the $2,600 zone, awaiting a decisive breakout to the $2,700 region. That said, the second-largest cryptocurrency has outperformed Bitcoin in returns since the Federal Reserve's aggressive rate cut last week.

Total cryptocurrency liquidations reached $111 million in the last 24 hours, with $71 million in downside bets getting wiped out.

The rally resulted in a 3% spike in Bitcoin's Open Interest, signaling high speculative interest for the apex digital coin.

Additionally, traders longing Bitcoin outnumbered those anticipating a decline in its price, as the Long/Short Ratio went past 1.

The market sentiment remained "Neutral," according to the popular Cryptocurrency Fear & Greed Index, signaling a balance between market forces.

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 9:30 p.m. EDT) Sei (SEI) +30.17% $0.4734 dogwifhat (WIF) +20.17% $2.05 Popcat (POPCAT) +17.34% $1.06

The global cryptocurrency market stood at $2.26 trillion, following an increase of 2.30% in the last 24 hours.

Stocks recorded their second straight day of upswing. The Dow Jones Industrial Average gained 83.57 points, or 0.20%, to close at 42,208.22, while the S&P 500 gained 0.25% to end at 5,732.93. Both the blue-chip indexes closed at record highs. The tech-heavy Nasdaq Composite rose 0.56% to close at 18,074.52.

The Fed's 50 basis point rate cut has energized the market, with the Dow up 1.55% since September began and the S&P 500 rising 1.49%.

See More: Best Cryptocurrency Scanners

Analyst Notes: Contrary to expectations, widely followed cryptocurrency trader Nagato forecast a "blow-off top" for the market in the fourth quarter of 2024.

"If you think what's coming in the next few months will be even slightly comparable to the run-up we had in Q1 2024, you've been successfully brainwashed," the analyst warned.

Nagato added that the upcoming quarter will be a "true crypto bubble."

• Read More