The Crypto Report: Ethereum and Bitcoin lift spirits following post-Merge depression

It was a befittingly sombre affair in the crypto markets over the UK long weekend, marred by a poorly performing Ethereum as traders pulled out of their positions now following The Merge.

But after dipping as low as US$1,280 – the lowest in two months – the past 24 hours have seen some signs of recovery with a 4.5% rally returning ETH above US$1,350.

Bitcoin cut a similar path over the past few days, having dipped scarily close to the US$18,000 mark before adding 4.5% this Tuesday morning, thus heading closer to US$19,500.

Other large-cap blockchain tokens have failed to regain as much ground, with Polkadot and Polygon especially struggling.

The crypto markets as a whole currently stand at US$935bn; Investors will be hoping for a return above US$1tn by the end of the week.

Among today’s top performers include Bored Ape Yacht Club’s APE token, which added double digits to its now-US$1.8bn market cap, and the US$1.5bn fan-engagement token Chiliz, which went up around 9%.

The mid-cap Algorand blockchains Algorand, Kava and Internet Computer also performed well.

In the decentralised finance (DeFi) space, total value locked across all protocols has essentially remained unchanged at US$54bn.

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