The Crypto Report: Bitcoin and Ethereum stay in recovery mode following market plunge

The global crypto markets have been in correction mode these past seven days, following the dramatic dip witnessed last Friday.

At US$1.03tn, market capitalisation is still trending 5% down week on week, though it has regained ground since Monday’s price point of one trillion.

Bitcoin is sitting 6% down at US$21,400 against the week, while Ethereum’s US$1,660 price tag represents losses of over 8%.

EOS’s recent rally culminated in gains of 18% across the past seven days, bringing the blockchain token’s market cap up to US$656mln.

The Cosmos blockchain’s ATOM token added 16% to its now US$3.6bn market cap, whlie the Decred network and the Nexo centralised finance platform also performed well this week.

On the flipside, the US$1.7bn decentralised storage platform Filecoin suffered double-digit losses, as did the Flow network and move-to-earn (M2E) project Stepn.

In the decentralised finance space, total volumes across all protocols dropped by 3.5%, mainly due to last Friday’s market dip.

Lido and Aave both suffered around 8% in losses, while MakerDAO lost 4.5%.

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