Bitcoin and Ethereum open strong as extreme fear hits a record run

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The crypto markets kicked the week off with a strong performance across the large- and mid-cap segments.

Global market capitalisation increased 2.64% to US$997.79bln, sparking hope for a rally over the US$1tln barrier in the days ahead.

Bitcoin was trading close to US$22,000 in the early Monday hours, while Ethereum outperformed with a 5.78% jump to US$1,435.

Polygon continued its bull run following a partnership announcement with Disney, rising 15.17% in 24 hours.

The blockchain network’s MATIC token has doubled its market cap in the past seven days, although a correction could soon be underway.

Kadena, the blockchain network founded by JP Morgan alumni Stuart Popejay, entered the top-100 club with a 11.85% rally to US$1.76, while the Bored Ape Yacht Club’s APE token was another strong riser, adding 9.7% to its US$1.5bln market cap.

The Bitfinex centralised exchange was one of the morning’s biggest losers after its US$5bln LEO token shed 3.79% to fall to US$5.25.

The decentralised finance (DeFi) space is looking healthy, with 2.09% in total value locked (TVL) added across the board.

A total of US$81.91bln is now held across all DeFi protocols, the strongest figure in over a month.

It’s a big week ahead for tech stocks with a diary consisting of Apple, Microsoft Corporation (NASDAQ:MSFT), IBM, Tesla and Netflix among others, and onlookers await to see how the closely correlated crypto markets react.

A surprisingly strong earnings season could be a much-needed boost for the crypto space, which continues to reel from a wave of high-value bankruptcies, scandals and bank runs.

In the meantime, the Crypto Fear & Greed Index remains firmly planted in the “extreme fear” category for a record-beating 73 days.