One day after American Independence Day, Bitcoin (BTC), the largest cryptocurrency by market capitalization, is up 5% over the past 24 hours and is currently trading at around $20,107, according to data from CoinMarketCap,
Ethereum (ETH), the second largest cryptocurrency, is up 9% over the past 24 hours and is changing hands around $1,148.
Global cryptocurrency market capitalization is up 5.3% to $910.9 billion in the past 24 hours, data shows CoinMarketCap,
Other top cryptocurrencies, including Binance Coin (6.6%), solana (7.8%), polygon (14%), and Avalanche (5.26%) has also registered tremendous gains in the last 24 hours.
However, the recent gains are not enough to offset the losses from the recent crypto crash.
Bitcoin is still down 70% from its all-time high of $68,789.63 recorded in November 2021; Ethereum is down 76% from its picotop of $4,891.70 recorded in the same month.
According to data from the U.S., over $170 million has been liquidated in the crypto market in the last 24 hours. coinglass,
Ethereum leads the liquidation with $69 million, followed by Bitcoin with $45 million, and Solana with $10 million in the same period.
Most of the liquidations for all three assets got in the way of blowing up short positions.
Cryptocurrencies are going through a bearish phase after the Federal Reserve announced a 75-basis point rate last month to control rising inflation. The Fed is meeting again on July 26, with many hopes Another 75-basis point increase.
What is pushing bitcoin and ethereum?
The primary reason behind today’s bullish price action is improving on-chain user activity and a healthy movement in Total Value Locked (TVL) in Ethereum.
according to the data of glassnode, it appears that bitcoin has driven out “market tourists”, with only so-called HODLers remaining. These market participants may be responsible for creating some of the recent floor price for the major cryptocurrency.
However, the Fed meeting at the end of the month will put this demographic to the test.
The number of addresses with non-zero balances on the bitcoin network is also increasing after a sharp drop in May 2022. Currently, there are approximately 42.344 million bitcoin addresses with non-zero balances – a new all-time high metric for this specific.
For Ethereum, the TVL in Ethereum has increased by 4.47% over the past 24 hours, suggesting daphylama,
according to the data of Dune Analyticsdecentralized exchange (or dex) Trading volume has also increased by 76% to $1.73 billion in the last 24 hours.
NFT sales volume also increased, with an increase of 0.48% over the past 24 hours to $12.9 million. cryptoslam,
However, Ethereum-based NFT sales volume is down 1% in the past 24 hours. But during the same period, Solana-based NFT sales volume grew by 8.19%.
Outside of the cryptocurrency market, stock markets around the world are in the green during today’s trading hours.
Singapore’s SGX Nifty index is up 1.07%, Japan’s Nikkei 225 index is up 1.03%, India’s Sensex index is up 1.05% and South Korea’s KOPSI index is up 1.8%.
Yesterday, European markets ended in the green, with the UK’s FTSE up 0.89% and France’s CAC index up 0.4%.
The NASDAQ index was also up 0.9%, and the Dow Jones Industrial Average (DJI) index was also up 1.05% pre-market. The S&P 500 is also up 1.06% ahead of the opening bell.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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