The Crypto Report: 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.

The 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.