News
Aniket Verma
·
March 5, 2025
·
Benzinga
Aniket Verma
·
March 5, 2025
·
Benzinga
Leading cryptocurrencies eked out narrow gains Tuesday even as stocks shuddered over tariff war fears.
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Bitcoin (CRYPTO: BTC) | +0.72% | $86,615.63 |
| Ethereum (CRYPTO: ETH) | +1.51% | $2,159.44 |
| Dogecoin (CRYPTO: DOGE) | -0.36% | $0.1976 |
What Happened: Bitcoin nearly touched $89,000 in the early evening before losing some of its gains overnight.
Ethereum was choppy throughout the day, shuttling between an intraday low of $1,996 and a high of $2,220.
Bitcoin maintained a dominance of over 60%, while Ethereum's market shared dipped below 10%.
About $770 million from the cryptocurrency market in the last 24 hours, with $522 million in upside bets erased.
Bitcoin's Open Interest fell 3.82% in the last 24 hours, while the number of futures traders going long on the apex cryptocurrency rose above 50%.
The Crypto Fear and Greed Index remained in the "Extreme Fear" zone, signaling a state of uncertainty in the market.
Top Gainers (24-Hours)
| Cryptocurrency | Gains +/- | Price (Recorded at 7:45 p.m. ET) |
| Aave (AAVE) | +14.57% | $206 |
| Cardano (ADA) | +12.12% | $0.9317 |
| DeXe (DEXE) | +5.06% | $18.96 |
The global cryptocurrency market capitalization stood at $2.86 trillion, rising 1.30 in the last 24 hours.
Stocks sank for the second straight day. The Dow Jones Industrial Average fell 670.25 points, or 1.55%, to close at 42,520.99. The S&P 500 tumbled 1.22%, ending at 5,778.15, while the tech-heavy Nasdaq Composite slid 0.35% to close at 18,285.16.
The decline comes amid fears of a full-blown trade war as Trump threatened increased tariffs after Canada imposed retaliatory tariffs on U.S. imports.
China has also taken retaliatory action, while Mexico has vowed to respond with tariff and non-tariff measures.
See More: Best Cryptocurrency Scanners
Analyst Notes: Ki Young Ju, founder of on-chain analytics firm CryptoQuant, opined that the Bitcoin market will remain sluggish until sentiment in the U.S. improves.
"There's no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact," Young Ju said. "If the cycle ends here, it's an outcome no one wanted—not old whales, mining companies, TradFi, or even Trump."
Popular cryptocurrency analyst, Ali Martinez, noted that Bitcoin has historically rebounded when the trader loss margin has reached -12%.
"Right now, it’s sitting at -15.4%, signaling a potential reversal," Martinez remarked.
Photo by Avi Rozen on Shutterstock
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March 10, 2025
·
Benzinga
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