The crypto market continued its recovery phase early on Thursday, recouping some of its losses from earlier this week. A consolidation by Bitcoin (BTC) above $47,000 alongside a rally by a few altcoins aided in the recovery. The global cryptocurrency market cap stood at $2.18 trillion, up by 2 per cent as of 9 am. However, trade volumes across exchanges declined by 10 per cent in the past 24 hours.