The Crypto Report: Ethereum underperforms against Bitcoin while Huobi Global soars

The crypto markets took a hit in the past 24 hours, shedding 2.4% to bring global market capitalisation down to US$919bn.

Ethereum dropped 3% to US$1,280, although some bullish support was being encouraged as Tuesday morning rolled ahead.

Bitcoin fared slightly better with a 1.7% dip to US$19,080, but sentiment looks firmly on the bears’ side despite slight early-morning gains.

There were some more pronounced losses in the altcoin space.

After yesterday’s impressive trading session which saw Ripple (XRP) head above the key US$0.50 support line, it took a 7% hit to its market cap this Tuesday.

Cardano (ADA), Avalanche (AVAX) and Cosmos (ATOM) all fell more than 5%, while fellow other large-cap network tokens including Polygon (MATIC), Binance’s BNB coin and Polkadot (DOT) fell by a couple of percentage points each.

The Shiba Inu meme coin was among the worst performers, as were Ethereum Classic and Ravencoin.

The top movers in the decentralised finance space were MakerDAO and Convex Finance, which both added around 2%.

Meanwhile, the Seychelles-based crypto exchange Huobi Global’s native token HT skyrocketed over 20% in the past day following news of a fresh capital injection from About Capital.

Huobi Global’s majority shareholder Leon Li recently agreed to sell his entire stake in the exchange to About Capital in exchange for investment into the exchange and a strategic advisory board comprising “leading industry figures”.

As a result, HT token currently has a market cap of US$823mln.

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