NFT

Leading Cryptocurrencies Jump As Crypto Markets Rise Slowly

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Leading cryptocurrencies jump in value as the crypto markets increase slowly and post some gains after the 4th of July festivities so let’s read more today in our altcoin news.

A day after the US Independence Day, both Bitcoin and Ethereum as the leading cryptocurrencies jump by 5% in the past day and now trade at around $20,107 as per the data from CoinMarketcap. Ethereum the second-biggest crypto gained 9% in the past day and is changing hands for $1,148 with the glboal crypto market cap up by 5.3% to $910 billion in the past day and other top cryptocurrencies like Binance Coin also increased by 6.6%, SOL by 7.8% and Avalanche by 5.26%. The recent gains are not major enough to offset the losses from the recent crypto crash.

BTC is still down 70% from its ATH that was recorded in November 2021 and ETH shed 76% of its top at $4891 that was recorded in the same time. Over $170 million was liquidated in the market over the past day as per the data from CoinGlass. Ethereum leads the liqudations with $669 million and Bitcoin with $45 million and Solana with $10 million in the same timeframe. The majority of the liqudations for the three assets came in the way of short positions.

heatmap
Source: QuantifyCrypto

Cryptocurrencies turned bearish after the FED announced a 75-basis point rate to control inflation last month. The FED is meeting again in July with most expecting another 75-basis point hike. The main reason behind today’s bullish price action is improved on-chain user activity and a strong movement in the TVL across ethereum. As per the data from Galssnode, BTC seems to have flushed out the market tourists with the HODLERS remaining. The market participants could have been responsible for creating something like a floor price for the number oen cryptocurrency. The FED meeting however put the demographic to the test.

The number of addresses with non-zero balances on the BTC network is seen increasing after the drop in May 2022. right now, there are 42,344 million BTC addresses with non-zero balances and a new high for this metric. As for ETH, the TVL across Ethereum increased by 4.47% in the past day, and accoridng to the data from Dune Analytics, the DX tradign volume is up by 76%. NFT sales volumes increased as well and posted an increase of 0.48% to $12.9 million in the past day. However, ETH-based NFT sales volume was down 1% in the past day but Solana-based NFT sales volume is also up by 8%.

Outside of the crypto market, the stock markets around the world are in the green with today’s tradign hours. Singapore’s NIFTY index is up 1.07%, Japan’s NIKKEI is up by 1.03%, and India’s SENSEX is also up by 1.05%. the EU market ended in the green with the UK FTSE being up by 0.89%.

 

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