Bitcoin, Ethereum Jump as Crypto Market Stages Mini Rally

One day after US Independence Day, Bitcoin (BTC), the largest cryptocurrency by market value, has risen 5% in the last 24 hours and is currently trading at around $ 20,107, according to data from CoinMarketCap.

Ethereum (ETH), the second largest cryptocurrency, has gained 9% in the last 24 hours and changes hands for around 1148 dollars.

The global market value of cryptocurrency is up 5.3% to $ 910.9 billion in the last 24 hours, data from CoinMarketCap.

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Other top cryptocurrencies, included Binance coin (6.6%), Solana (7.8%), Polygon (14%), and Avalanche (5.26%), has also posted huge gains in the last 24 hours.

However, the recent gains are not significant enough to offset the losses from the recent cryptocurrency.

Bitcoin is still down 70% from its record high of $ 68,789.63 recorded in November 2021; Ethereum has thrown 76% off its $ 4,891.70 picotop recorded in the same month.

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Over $ 170 million has been liquidated in the crypto market in the last 24 hours, according to data from Coinglass.

Ethereum leads liquidations with $ 69 million, followed by Bitcoin with $ 45 million, and Solana with $ 10 million in the same period.

Most liquidations for all three assets got in the way of blown-out short positions.

Cryptocurrencies turned bearish after the Federal Reserve announced an interest rate of 75 basis points to control rising inflation last month. The Fed meets again on July 26, with many waiting another 75-base hike.

What are pushing Bitcoin and Ethereum?

The primary reason behind today’s bullish price action is improved user activity on the chain and a healthy movement in Total Value Locked (TVL) over Ethereum.

According to data from Glassnode, Bitcoin seems to have washed out “market tourists” with only so-called HODLers left. These market participants may have been responsible for creating something of a recent floor price for the leading cryptocurrency.

However, the Fed meeting at the end of the month will put this demographic to the test.

The number of non-zero addresses on the Bitcoin network is also seen to increase after a sharp decline in May 2022. Currently, there are almost 42.344 million Bitcoin addresses with a non-zero balance – a new all-time high for this specific metric.

In the case of Ethereum, TVL over Ethereum has increased by 4.47% in the last 24 hours, suggests DefiLlama.

According to data from Dune Analyticsdecentralized exchange (or DEX) Trading volume is also up 76% to $ 1.73 billion over the last 24 hours.

NFT sales volumes have also risen, posting an increase of 0.48% to $ 12.9 million over the last 24 hours, data from Kryptoslam.

However, Ethereum-based NFT sales volume has decreased by 1% over the last 24 hours. But Solana-based NFT sales volume is up 8.19% in the same time period.

Outside the cryptocurrency market, stock markets around the world are in the green during today’s opening 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, the 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% before the market. The S&P 500 is also up 1.06% before opening time.

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