The cryptocurrency market turned bullish on Thursday, with the market capitalisation gaining 5.2 percent to reach $2.49 trillion as of 1040 hours GMT. Bitcoin, the largest cryptocurrency, rallied above $57,000 for the second time this week, and jumped by 4.74 percent to reach $57,616. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.085 trillion. Similarly, ether (ETH) price gained 5.28 percent to reach $3,643. With this increase in price, the market capitalisation of ETH has reached $427.6 billion. Likewise, XRP price gained 3.20 percent to reach $1.13. The market capitalisation of XRP stands at $112.7 billion after this increase. On the other hand, cardano (ADA) price gained 2.42 percent to reach $2.17. Its market capitalisation has increased to $70.4 billion. Similarly, dogecoin (Doge) price went up by 5.11 percent to reach $0.236. With this increase in price, the market capitalisation of doge has reached $31 billion. According to experts, bitcoin continues to rise, marking a nearly 25 percent surge for the month to date. They warn, however, that the sharp increase may lead to a sell-off. Some analysts claim the current bitcoin rally is driven by increased speculation around the possibility of a bitcoin exchange-traded fund (ETF), which could spring up if greenlighted by the US Securities and Exchange Commission (SEC) as early as this week. However, many are sceptical whether the approval will have a beneficial effect on bitcoin’s price. Crypto analysts say the extreme buying in the market could mean the rally may soon run out of steam. According to the Fear and Greed Index, a tool used by investors to gauge whether the market is fairly priced, bitcoin entered ‘extreme greed’ territory last week, and is at the highest level since early September, which preceded a sharp sell-off and may signify another one approaching. Bitcoin is still about 8 percent below its all-time high of around $65,000 in April, but has nearly doubled in price since the July low of under $30,000.