The mini-rally recorded in the last 24 hours is believed to have been caused by the positive movement in Total Value Locked across Ethereum as well as improved on-chain activities.
The last 24 hours have seen the likes of Bitcoin gaining about 5% of its value to trade at $20,107, and Ethereum surging by 9% to trade at $1,148. These could not be sustained as major cryptos, Bitcoin and Ethereum, are currently 1.9% and 5% up respectively. The rest of the assets also saw a mini-rally with BNB recording a 3% surge to trade at $238 in the last 24 hours, Solana surged by 3% ($34), Polygon by 10% ($0.5), Uniswap by 8% ($5), XRP by 0.3% ($0.3), Cardano by 0.74% ($0.45), and Avalanche by 2.8% ($17) according to CoinMarketCap.
The mini-rally recorded in the last 24 hours is believed to have been caused by the positive movement in Total Value Locked across Ethereum as well as improved on-chain activities. The Ethereum TVL increased by 4.47% in the last 24 hours.
Regardless of this mini-rally in the prices of major cryptos, Bitcoin is still over 71% down from its all-time high of nearly $69,000. Ethereum is also over 76% down from its all-time high of near $5,000. According to Coinglass, more than $170 million in liquidations were recorded across the crypto market in the last 24 hours.
Ethereum, interestingly leads the liquidation with around $69 million, followed by Bitcoin and Solana with $45 million and $10 million liquidations respectively over the same period. The majority of these liquidations were said to have come in the way of blown-out short positions. The crypto market has been on a bearish run since the Federal Reserve announced a 75-basis point rate to control inflation.
Glassnode data also discloses that the current momentum was created by the remaining HODLers who have managed to come up with a floor price for the asset as “Bitcoin tourists” are flashed out.
The number of addresses of non-zero Bitcoin balances which declined drastically in May has been on the rise. This specific metric has recorded an all-time high as 42.344 million Bitcoin addresses so far have no zero balance. The last 24hrs saw the trading volume of decentralized exchange rose by 76% to $1.73 billion. NFT sale volume has also increased by 0.48% to $12.9 million in the last 24 hours.
Similar to the major cryptos, stock markets across the globe were also in green during today’s training hours. Japan’s Nikkei 225 index surged by 1.03%, South Korea’s KOPSI index by 1.8%, and Singapore’s SGX NIFTY index by 1.07%. Also, the European market saw a little surge with UK’s FTSE up by 0.89% and France’s CAC index by 0.4%.
NB: All prices and percentage changes quoted in the article are valid as of press time.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
