The second-largest cryptocurrency, Ethereum (ETH), has increased by 7.9% over the past day and is currently trading for $1,137. This is according to statistics from CoinMarketCap, and the rally is just one day after the United States Independence Day.
The largest cryptocurrency by market capitalization, Bitcoin (BTC), is up 3.59% over the last 24 hours and is presently trading at roughly $19,888.67.
According to the data, the market value of all cryptocurrencies rose by 5.3 percent in the last day to $910.9 billion.
Besides Ethereum, other major coins are also in green
Over the previous day, major increases have also been made by a number of other well-known cryptocurrencies, including Binance Coin (5.54 percent), Solana (5.6 percent), and Polygon (11.94 percent).
The losses from the most recent crypto meltdown, however, have not been sufficiently offset by the subsequent gains.
Ethereum has lost 76 percent of its value from its all-time high of $4,891.70 in November 2021, while Bitcoin is also down 71% from its all-time high of $68,789.63.
Data from Coinglass shows that over $179 million has been liquidated in the cryptocurrency market in the last day. Ethereum has the most liquidations ($72.99 million), followed by Bitcoin ($46.5 million) and Solana ($10.59 million). Bloated short holdings accounted for the bulk of liquidations for all three assets.
After the Federal Reserve last month issued a 75-basis point rate to curb rising inflation, the outlook for cryptocurrencies changed to unfavorable. On July 26, the Fed will meet once more, and many anticipate another increase of 75 basis points.
Ethereum displayed a liquidation of $583.67K in the last one hour. The exchanges that face the most liquidation seem to be Okex, Binance, Bybit, and FTX.