Bitcoin and Ethereum look set to end the week on the front foot

The crypto markets ended the working week on a high note, with Bitcoin up 7.39% to US$21,822, while Ethereum rallied 6.61% to US$1,244 in Friday’s early hours.

Total market capitalisation across the board rose to US$961.64bln, marking a daily gain of 5.05% and a weekly gain of 9.3%. If this market trajectory continues, it could breakthrough the $1tln barrier some time next week.

Decentralised finance (DeFi) protocols continued to make decent gains in response to the ongoing barrage of controversy tainting the centralised finance (CeFi) space. The top DeFi mover was stablecoin liquidity market Curve, which is now up over 50% across the seven-day period for a market cap edging close to the US$550mln barrier.

DeFi protocols THORChain, Aave and Convex Finance also saw strong gains. Blockchain large caps had a strong week, with Avalanche up 25.16%, Cosmos up 24.45% and Polygon up 23.67%.

KuCoin suffered a -7% blow to its KCS token, following widespread insolvency rumours over Twitter, although the centralised exchange’s CEO Johnny Lyu has robustly denied the claims.