Cryptos continue gaining with bitcoin nears $37,000

Crypto market continued recovery on Tuesday with bitcoin up more than 8 percent since Monday, with ethereum and Cardano seeing even bigger price gains. The combined value of all cryptocurrencies rose 2.6 percent to $1.699 trillion. As of 1405 GMT, bitcoin, the world's biggest cryptocurrency, gained 0.51 percent to reach $36,997. With this increase in price, the market capitalisation of the BTC has reached $692 billion. Likewise, ethereum (eth) gained 3.56 percent to reach $2,627. With this increase in price, the market capitalisation of eth has reached $305 billion. Similarly, XRP gained 2.36 percent to reach $1.03. The market capitalisation of XRP stands at $102 billion after this increase. Furthermore, Cardano (ADA) price reached $1.73 with a 4.28 percent increase in its price. Its market capitalisation has reached $55.4 billion with this increase. Similarly, dogecoin (Doge) gained 4.52 percent to reach $0.323. With this increase in price, the market capitalisation of Doge reached $41.8 billion. every one of the top 10 most valuable cryptocurrencies rose significantly, marking a positive start to a new month for the crypto market. The relative recovery appears to back up the prediction of several prominent analysts that bitcoin and its rivals continue to have a bullish outlook for 2021 despite May’s price crash. While ethereum, cardano and dogecoin all saw brief price spikes on Monday and Tuesday, it has been a relatively quiet start to the week for bitcoin. Currently trading above $36,000, the world’s most valuable cryptocurrency is yet to fall below $34,000 or rise above $37,000 since the weekend. This continues an even more prolonged period of stability for bitcoin, which began in mid May following a series of major price crashes that saw it tumble from its all-time high above $64,000. For some analysts, this calm could be taken as a sign of price consolidation ahead of a recovery. Price swings are currently at their lowest since the beginning of the year, which preceded a major bull run in the first four months of 2021.