On Tuesday, cryptocurrencies took Bitcoin closer to breaking out of a one-month-old trading range. Bitcoin price was trading at $22,107, up more than 4 per cent.

The global cryptocurrency market cap was back above the $1 trillion mark, as it was up more than 5 per cent in the last 24 hours to $1.06 trillion, as per CoinGecko.

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“Bitcoin traded above the US$22,000 level, gaining 5 per cent over the previous day. If the price can fix at that level, we may see a further upward move. However, on the other side, Ethereum outperformed the crypto market. This peak comes following Ethereum’s six consecutive days of higher highs taking the price above the US$1,500 level showing great strength and recovery of the asset. If bulls can sustain the momentum, Ethereum could reach the US$2,000 mark very soon. If not, we can expect a retracement,” said Edul Patel, CEO and co-founder of global Crypto investing platform Mudrex.