Ethereum jumps 10% like Bitcoin and Crypto Markets Stage Mini Rally

Cryptocurrencies have risen following the announcement of a 75 basis point increase by the US Federal Reserve. With inflation in the US rising above 8.6% in May 2022, the Fed made the most aggressive rate hike in 28 years yesterday.

Bitcoin (BTC), the largest cryptocurrency by market value, is up 5.7% in the last 24 hours and currently swings around $ 21,400, according to data from CoinMarketCap. Ethereum (ETH), the second largest cryptocurrency, has gained 10.9% in the last 24 hours and is currently changing hands for around $ 1,140.

The global market value of cryptocurrency is up 6.76% to $ 921.5 billion in the last 24 hours, according to data from CoinMarketCap.

Apart from Bitcoin and Ethereum, Solana (18.12%) and Polkadot (11.50%) (20.61%) has also posted double-digit gains in the last 24 hours.

However, these gains have not been enough to offset losses from the recent cryptocurrency, with Bitcoin down 30% on the week and Ethereum down 37% in the same period. Bitcoin is down over 68% from its record high of $ 69,000 recorded in November 2021; Ethereum lost 76% from its all-time high of $ 4,891 in the same month.

Over $ 406 million has been liquidated in the crypto market in the last 24 hours, according to data from CoinGlass.

Ethereum is leading liquidations with $ 160 million liquidated, closely followed by Bitcoin with $ 131 million and Solana with $ 8.8 million over the same time period.

Declining DeFi activity

Regardless of the current price increase, activity across the chain across blockchains remains stagnant.

According to DefiLlamaTotal Value Locked (TVL) across all blockchains is down 2.2% in the last 24 hours.

TVL on Ethereum fell 2.55% to $ 49.3 billion in the last day. Tron is leading progress in TVL, with an increase of 3.66% over the same time period.

Total NFT trading volume on Ethereum, Solana, Binance Smart Chain and Flow has decreased by at least 10% in the last 24 hours, per data from CryptoSlam.

Outside the crypto market, stock markets around the world are in the red during today’s opening hours. The UK’s FTSE index is down 1.45%, Germany’s DAX index is down 2.08%, France’s CAC index is down 1.63% and India’s Sensex index is down 1.66%.

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