Major cryptocurrencies saw modest gains on Tuesday as investors braced for the release of September’s consumer inflation data amid rising oil prices. Bitcoin (BTC) climbed 0.90% to $83,570, although it struggled to maintain momentum above $84,000. Ethereum (ETH) rose 1.00% to $2,510.55, while XRP, Solana (SOL), and Dogecoin (DOGE) also posted gains of 0.60%, 1.10%, and 1.50% respectively.
The global cryptocurrency market capitalization reached $2.908 trillion, up 1.20% from the previous day. Despite the gains, crypto-related stocks like MicroStrategy (MSTR) and Bitmine Immersion Technologies (BMNR) ended the day in the red. Over $190 million in liquidations occurred, primarily from bearish short positions, according to Coinglass.
Bitcoin’s open interest increased slightly by 0.34%, but derivatives traders remained net short, with the Long/Short Ratio dipping below 1. The Crypto Fear & Greed Index maintained a “greed” sentiment. Analyst Ali Martinez noted that Bitcoin’s next rally could be triggered if it closes above the $84,000 mark, where the 50-Day Simple Moving Average currently sits.
Meanwhile, Ethereum saw a surge in social sentiment, with 2.05 bullish comments per bearish one across platforms like X, Reddit, and Telegram, according to on-chain analytics firm Santiment. In contrast, Bitcoin and XRP commentary turned predominantly bearish. Stock markets also ended in the red, with the Dow Jones, S&P 500, and Nasdaq Composite all declining.