Major coins were spiking on Tuesday evening as the global cryptocurrency market cap rose 4.4% to $854.2 billion at 8:30 p.m. EST.

Why It Matters: $Dogecoin (DOGE.CC)$ led the gains among the major coins. The bellwether meme coin was among the top gainers on Tuesday.

Cryptocurrencies were in the green at the time of writing even as U.S. stock futures remained flat ahead of a speech from U.S. Federal Reserve Chair Jerome Powell.

Bitcoin is bouncing around the $16,000 level as cryptocurrency traders await the next domino to fall in the FTX saga." 

- said Edward Moya, a senior market analyst with OANDA.

Moya said that this was not a "friendly environment" in which to buy the cryptocurrency dip given the elevated downside risks.

Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom out.  Bitcoin has support ahead of the $15,500 level but if that does not hold, technical selling could send prices toward the $13,500 region." 

- said Moya in a note seen by Benzinga.

Michaël van de Poppe said on $Bitcoin (BTC.CC)$'s chart that the coin had made a higher low and was aiming at resistance again. The cryptocurrency trader said that the coin taking out the range between the $16,500 and $16,800 level would trigger a continuation toward the $18,000 level for the apex coin.

Trader Justin Bennett said he sees a "lot of upside" for Bitcoin if it can get past the $16,981 level.

Meanwhile, chartist Ali Martinez pointed out that 65.7% of all accounts on Binance Futures with an open Bitcoin position are going long. The long-short ratio according to the chart shared by Martinez stood at 1.91.

A CryptoQuant analyst said Tuesday that while Bitcoin prices have fallen long-term holders are taking a profit. They said that "the point at which long-term holders have made significant gains tends to be at (or just before) a temporary top in price."

Ethereum's key addresses have seen growth since the FTX crisis unfolded in early November. Santiment, a market intelligence platform, said that the number of 100 to 100,000 ETH addresses is at a 20-month high.