Daily Times

The cryptocurrency market remained bullish for the second day in a row on Tuesday, with the market capitalisation gaining 2.3 percent to reach $2.84 trillion as of 1245 hours GMT. Bitcoin, the largest cryptocurrency, gained 2.14 percent to reach $63,189. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.190 trillion. Bitcoin hit one-week highs of $63,400 during the session after days of sideways action ended in a brief but strong breakout. Bitcoin’s relative strength index (RSI) is now above 70 — a classic prelude to an incoming extended rally. RSI levels are being keenly watched to determine both a breakout and an ideal market exit opportunity. Bullish tendencies have been stacking up across the Bitcoin ecosystem as November starts.

Similarly, ether (ETH) price gained 1.98 percent to reach $4,440. With this increase in price, the market capitalisation of ETH has reached $521 billion. Ether refreshed record highs on Tuesday amid continued bullish flows in the options market. Ether rose to $4,480 during the trading, surpassing the previous peak price of $4,458 reached on October 29. Traders have been snapping up $10,000 and $15,000 calls expiring in March 2022 of late, with Goldman Sachs reportedly predicting an $8,000 ETH price before the year-end. Similarly, XRP price increased by 2.19 percent to reach $1.11. The market capitalisation of XRP stands at $111 billion after this increase. On the other hand, cardano (ADA) price inched down by 0.04 percent to reach $1.97. Its market capitalisation has reached $63.8 billion with this decrease.

Following the market sentiment, dogecoin (DOGE) edged up 0.48 percent to reach $0.273. With this increase in price, the market capitalisation of doge has reached $35.8 billion. According to experts, bitcoin’s October rally appears to have put the cryptocurrency on a firm footing ahead of central banks’ meetings to assess the stickiness of inflation and determine policy response. The top cryptocurrency rallied nearly 40 percent in October, hitting a fresh record high of $66,975 as investors cheered positive seasonality and the launch of futures-based bitcoin exchange-traded funds (ETFs) in the US, which was the biggest single-month percentage rally since December 2020.