Daily Times

The cryptocurrency market remained positive on Tuesday and the market capitalisation increased by 1.8 percent to $1.94 trillion as of 1120 hours GMT.

The price of Bitcoin (BTC), the largest cryptocurrency, remained almost stall and reached $45,831 by gaining 0.34 percent. With this increase in price, the market capitalisation of the BTC has reached $860.4 billion. On the other hand, ethereum (ETH) price turned towards north and gained 1.91 percent to reach $3,180. With this increase in price, the market capitalisation of ETH has reached $372.1 billion.

Likewise, XRP gained 3.46 percent to reach $0.845. The market capitalisation of XRP stands at $84.5 billion after this increase. Similarly, Cardano (ADA) price reached $1.59 with an 8.36 percent increase in its price. Its market capitalisation has reached $51.1 billion after this increase. Dogecoin (Doge) price appreciated by 0.55 percent to reach $0.257. With this increase in price, the market capitalisation of Doge reached $33.5 billion. According to analysts, Bitcoin is roughly flat over the past 24 hours as the rally near $45,000 appears exhausted. Short-term overbought signals could encourage profit-taking, although buyers will likely return around the $38,000 to $40,000 support zone. They said that Bitcoin is up about 20pc over the past week, compared to a 25pc rise in ether, the world’s second largest cryptocurrency. The relative strength index (RSI) is declining from overbought territory. Typically, short-term overbought signals precede price declines of about five percent to 10 percent, they said.

They said that initial support is seen at the $40,000 breakout level, which resolved a two-month consolidation to the upside. Bitcoin will need to hold above the 200-day moving average, currently around $45,000, to confirm a reversal of the intermediate-term downtrend since April, they opined.