Leading cryptocurrencies traded largely flat on Tuesday, even as another Wall Street player announced a Bitcoin treasury strategy.

What Happened: The apex cryptocurrency rose to an intraday high of $88,542.39, showing improvement from the lows of $77,500 hit two weeks ago. However, Bitcoin was still down over 19% from its all-time highs set two months earlier.

The sideways price action came despite video game retailer GameStop Corp. (NYSE:GME) announcing plans to adopt Bitcoin as a Treasury reserve asset.

The second-largest cryptocurrency, Ethereum consolidated in the $2,000 region, with a high of $2,084.04 hit during the day.

Bitcoin's market dominance increased to 60.5% while Ethereum's share shrank by 1.91% over the last 24 hours. Dogecoin, meanwhile, recorded a healthy gain of 5%.

In the past 24 hours, 79,798 traders were liquidated, with total liquidations at $159.85 million. Nearly equal amounts of longs and shorts were wiped out.

Bitcoin's Open Interest fell by 0.55% over the last 24 hours, while Ethereum also recorded a marginal decline in funds locked in its unsettled futures contracts.

Traders betting on Bitcoin's price increase surged sharply vis-à-vis those betting on its decline, according to the Long/Short Ratio.

The market sentiment changed from "Fear" to "Neutral," according to the Crypto Fear and Greed Index, suggesting a balance between market forces.

Top Gainers (24-Hours)

The global cryptocurrency market cap stood at $2.88 trillion, following a marginal increase of 0.41% in the last 24 hours.

In other news, stocks continued to rise from the previous session. The Dow Jones Industrial Average eked out a narrow gain of 1.42% to close at 42,587.50. The S&P 500 gained 0.16%, ending at 5,776.65. The tech-focused Nasdaq Composite added 0.46% to close at 18,271.86.

The gains came despite pessimistic consumer confidence data that fell to its lowest reading since late 2022.

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Analyst Notes: Popular on-chain blockchain analytics firm Santiment stated that Bitcoin's swift rise to the $88,500 level has brought optimism back to the retail trader sphere.

The firm noted that trader greed has escalated, with BTC price projections on social media ranging from $100,000 to $159,000.

"Remember that cryptocurrency markets have ALWAYS historically moved the opposite direction of the crowd’s expectations," Santiment said, suggesting that this could be a good time for profit-taking.

🤑 As crypto has bounced nicely in the second half of March, traders have swung the pendulum back toward mild greed. After showing major fear in late February and early March following two stints of Bitcoin dipping as low as $78K, it appears that this rebound to $88.5K has… pic.twitter.com/rGZ87C8w8c

— Santiment Network (@Santiment_io) March 28, 2024

Influential cryptocurrency analyst, Ali Martinez, highlighted Ethereum's breach of its realized price at $2,040.

"The next key hurdle is $2,300, where the pricing bands suggest strong resistance," Martinez added.

#Ethereum $ETH has reclaimed its realized price at $2,040.

The next key hurdle is $2,300, where the pricing bands suggest strong resistance. pic.twitter.com/sY783yP7qA

— Ali Martinez (@ali_crypto_