The cryptocurrency market bounced back on Tuesday, with the market capitalisation gaining 7.9 percent to reach $2.52 trillion as of 1230 hours GMT.
The largest cryptocurrency Bitcoin price went up by 5.28 percent to reach $51,079. With this increase in price, the market capitalisation of the biggest cryptocurrency has reached 965 billion. Ether, the world’s second-largest cryptocurrency by market capitalisation, gained 7.82 percent to reach $4,367. With this increase in price, the market capitalisation of ETH has reached $513 billion.
Similarly, XRP price went up by 6.49 percent to reach $0.823. The market capitalisation of XRP stands at $82.3 billion after this increase. Likewise, Cardano (ADA) price jumped 9.35 percent to reach $1.42. Its market capitalisation has reached $46.7 billion with this increase.
Likewise, Dogecoin (DOGE) price surged 7.39 percent to reach $0.178. With this increase in price, the market capitalisation of DOGE has reached $23.5 billion.
The gains in the crypto market on Tuesday were in line with the recovery seen in the global equity markets as fear of another lockdown eased after reports suggested that Omicron may not spread as much as it was earlier thought.
Bitcoin fell as much as 22 percent to just under $42,000 on Saturday on a combination of profit-taking and macro-economic concerns, but rebounded somewhat later in the session. Cryptocurrency analysts were not quite sure what triggered the heavy selling.
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