Daily Times

The cryptocurrency market turned bullish on Tuesday, with the market capitalisation gaining 2.2 percent to reach $2.2 trillion as of 1220 hours GMT.

The price of bitcoin (BTC) gained 0.65 percent to reach $47,982. With this increase in price, the market capitalisation of the biggest cryptocurrency reached $902.1 billion.

Likewise, ethereum (ETH) price jumped 8.33 percent to reach $3,426. With this increase in price, the market capitalisation of ETH has reached $401.5 billion.

Similarly, XRP gained 2.21 percent to reach $1.15. The market capitalisation of XRP stands at $114.5 billion after this increase. Following the suit, the price of cardano (ADA) reached $2.83 with a 1.80 percent increase.

Its market capitalisation has reached $91.6 billion after this increase in its price. Similarly, dogecoin (Doge) price went up by 1.44 percent to reach $0.280. With this increase in price, the market capitalisation of doge has reached $36.6 billion.

On the other hand, analysts dismissed bitcoin’s sideways price action from last week, considering that the asset has surged nearly 60 percent in the month leading up to the horizontal price movement.

Experts argue that BTC will have another leg up before concluding its 2021 bull run. They said that bitcoin price is hovering around the $48,000 level after weeks of accumulation by whales and large wallet investors.

The analysts are drawing parallels between bitcoin’s current bull run and the one witnessed in 2013. The 2013 bull run was characterised by a 75 percent drawdown from highs ahead of a 1,750 percent rally. Both events occurred less than six months apart. This has raised questions about the nature of the current bull run and whether a 2013-style “double bubble” is on the cards for bitcoin before the end of 2021.