Major Cryptocurrency prices rose in the Tuesday Evening session, with the overall market capitalization increasing by 1.25 percent to $1.05 trillion as of 8:30 p.m. ET.
| cryptocurrency | Gain (+/-) | Price |
|---|---|---|
| Bitcoin | +1.20% | $23,118 |
| Ethereum | +1% | $1,585 |
| Dogecoin | +4% | $0.094 |
What happened: The largest cryptocurrency by market value Bitcoin USD/BTC traded at $23,118 and Ethereum EUR/USD was at $1,585, up 1% in the last 24 hours. Dogecoin DOGO/USD gained 4% in the same period to trade at $0.094.
US stocks mostly finished higher on Tuesday as investors await the Federal Reserve’s decision on an appropriate rate of interest increase. The Nasdaq Composite technology index ended 1.6% up, while the S&P 500 and Dow Jones Industrial Average increased by 2.6% and 1.4%, respectively.
More information: Top Crypto Day Trading Strategies
Bitcoin began the year with a significant 40% gain. But it is possible that the rally could be short-lived. Despite the expected pullback, traders and market watchers remain optimistic that it will only be a short-term pause in the ongoing cryptocurrency bullish trend. Fed Chairman Jerome Powell is expected to continue his aggressive stance.
Analyst Notes: “Bitcoin looks to have massive resistance at the $24,000 level, so if the rally stalls after the Fed and mega-cap tech gains fireworks, a consolidation back to $20,000 could happen,” said Eduardo Moya, senior analyst at OANDA, to Benzinga.
“Wall Street is slowly becoming confident that this week’s Fed rate hike could end up being the last in this tightening cycle.”
Crypto analyst Tone Vays believes that Bitcoin is more likely to experience
