The cryptocurrency markets are showing buoyancy, despite the fact that global market capitalisation has failed to surpass US$1tn. It flirted with the barrier in the previous three sessions.
Bitcoin (BTC), which added 1.5% Monday, closed the session above US$21,000, for the first-time since November in those bright days prior to FTX’s implosion that decimated the entire sector.
On Tuesday morning, Bitcoin bears were in control. The BTC/USDT exchange was just below US$21,000.
The real test is breaking above the resistance line of US$21,300, where the pair was trading just before the November collapse.
Ethereum (ETH) closed 1.5% higher Monday, but the second-largest cryptocurrency still has a long way to go before it can cancel all its losses post-collapse.
Current exchange rates are US$1,565, but the USDT/ETH pair must stabilize above US$1,650 in order to prove its worth.
Filecoin (FIL), a leader in altcoins, has seen its cloud storage protocol growing by over 25% over the past week.
Decentraland has the greatest gains, as the Australian Open selected the play-to earn game to host the interactive AOmetaverse entertainment zone and commercial zone.
Decentraland’s native MANA token soared more than 80% this week, bringing it to a high of US$1.35bn in market value for four months.
The total value of the decentralised finance space (DeFi) remains at US$45.2bn. This is a result of Lido’s 20% increase in seven days and strong growth at Justlend, Convex Finance, and Aave.
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