Bitcoin, Ethereum Jump as Crypto Market Stages Mini Rally

Leading cryptocurrencies in Bitcoin and Ethereum have posted significant gains after the July 4th festivities.

By Sujith Somraaj

BTC and ETH. 

A day after the U.S 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, has gained 9% in the last 24 hours and is changing hands for around $1,148.

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

Other top cryptocurrencies, including Binance Coin (6.6%), Solana (7.8%), Polygon (14%), and Avalanche (5.26%), have also posted tremendous gains over the past 24 hours.

However, the recent gains are not significant 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 has shed 76% from its picotop of $4,891.70 recorded in the same month.

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

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

The majority of liquidations for all three assets came in the way of blown-out short positions.

Cryptocurrencies flipped bearish after the Federal Reserve announced a 75-basis point rate to control growing inflation last month. The  Fed is again meeting on July 26th, with many expecting another 75-basis point hike.