Daily Times

The cryptocurrency market turned around across the board on Sunday after remaining bearish for three consecutive days, with the market capitalisation gaining 3.4 percent to reach $2.9 trillion as of 1310 hours GMT.

Bitcoin, the largest cryptocurrency, went up by 2.61 percent to reach $61,865. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 1.165 trillion. Bitcoin hit one-week highs of $63,400 on Tuesday last.

Similarly, ether (ETH) price, which set up a new high at $4,680 on Wednesday, jumped 5.38 percent to reach $4,599. With this increase in price, the market capitalisation of ETH has reached $539.8 billion.

Likewise, XRP price increased by 5.77 percent to reach $1.19. The market capitalisation of XRP stands at $118.7 billion after this increase. On the other hand, cardano (ADA) price gained 2.06 percent to reach $1.99. Its market capitalisation has reached $64.6 billion with this increase.

Following the market mood, dogecoin (DOGE) edged up by 2.83 percent to reach $0.262. With this increase in price, the market capitalisation of doge has reached $34.4 billion.

According to experts, dogecoin price has been consolidating for nearly six months without a palpable upswing. While this price action is annoying, DOGE seems to be in a similar accumulation phase to Shiba Inu before breaking out.

Dogecoin price has been stuck under the 50pc Fibonacci extension level at $0.45 for roughly six months. This consolidative price action for DOGE seems to be changing as buyers are ready to push the meme coin higher.

Since October, dogecoin price has set up higher highs and higher lows, suggesting an uptrend.