The Crypto Report: Bitcoin and Ethereum attempt a recovery after sharp decline

The crypto global market capitalisation remained well below the $1tn barrier in early Tuesday trade.

There have been signs of recovery in the past 24 hours though, given Bitcoin’s 3.2% climb to US$20,400 and Ethereum’s nearly 10% rebound to US$1,580.

Large-cap meme coins DOGE and SHIB were particularly hard hit, with the latter dropping as low as US$6.5bn in market capitalisation from close to US$10bn earlier this month.

Most network tokens have been in recovery mode.

Cardano, Polkadot and Polygon clocked in around 5% gains this morning, while Solana added over 7%.

Total volumes across the decentralised finance (DeFi) space dipped in line with the wider market, heading as low as US$58bn on Sunday before this morning’s 3.8% recovery session.

Lido and Compound Finance added double digits in the past 24 hours, while MakerDAO, Synthetic and Curve all added just under 10%.

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