Bitcoin and Ethereum enjoy a relief rally, altcoin space follows suit

The crypto markets experienced a much-needed rally this Tuesday morning, as global market capitalisation soared 5.5%, heading upwards of US$970bn.

Bitcoin shot up 8% to recover the US$20,000 support line and Etherum performed similarly, bringing its price close to US$1,400.

The relief comes as the US dollar hits record highs against the pound, but investors are likely weighing up the prospects of a short-lived bear rally.

The altcoin space stepped up a gear, with Solana and Polkadot the top-performing network tokens, alongside the niche Neo platform, which saw double-digit gains.

But the strongest movers were Terra Classic and Terra LUNA, which added 60% and 30% respectively. Though given their highly volatile performance recently, an imminent crash should not be ruled out.

Other strong performers included the move-to-earn (M2E) NFT project Stepn and oracle network Chainlink.

There were few tokens in the red this morning, though Algorand, Ripple (XRP) and Stellar (XLM) definitely underperformed.

The decentralised finance space (DeFi) performed well too, with Uniswap up 16% with MakerDAO and Lido also adding double digits. Total value locked across all DeFi protocols jumped 2.5% to US$56bn.