Ethereum Jumps: Top cryptocurrencies Bitcoin and Ethereum posted overnight gains following the Fed’s rate hike, amid weakened on-chain user activity.
Cryptocurrencies have rallied following the announcement of a 75 basis point hike by the U.S. Federal Reserve. With inflation in the U.S. soaring past 8.6% in May 2022, the Fed made the most aggressive rate hike in 28 years yesterday.
Bitcoin (BTC), the largest cryptocurrency by market cap, is up 5.7% over the past 24 hours and is currently hovering around $21,400, according to data from CoinMarketCap. Ethereum (ETH), the second-largest cryptocurrency, has gained 10.9% in the last 24 hours and is currently changing hands for around $1,140.
Ethereum jumps to record high amid crypto’s decentralized boom
The global cryptocurrency market capitalization is up 6.76% to $921.5 billion over the past 24 hours, according to data from CoinMarketCap.
Apart from Bitcoin and Ethereum, Solana (18.12%) and Polkadot (11.50%) (20.61%) have also posted double-digit gains over the past 24 hours
However, those gains have not been enough to offset losses from the recent crypto crash, with Bitcoin down 30% on the week and Ethereum down 37% in the same period. Bitcoin is down over 68% from its all-time high of $69,000 recorded in November 2021; Ethereum has shed 76% from its all-time high of $4,891 in the same month.
Over $406 million has been liquidated in the crypto market over the last 24 hours, according to data from CoinGlass.
Ethereum leads liquidations with $160 million liquidated, closely followed by Bitcoin with $131 million and Solana with $8.8 million over the same period of time.
First Mover Asia: Bitcoin Jumps Above $31K; Ether Gas Fees Drop
Irrespective of today’s price rally, on-chain activity across blockchains remains stagnant.
According to DefiLlama, the Total Value Locked (TVL) across all the blockchains is down 2.2% in the last 24 hours.
TVL on Ethereum slipped 2.55% to $49.3 billion over the last day. Tron leads gains in TVL, with a 3.66% increase over the same period of time.
Overall NFT trading volumes on Ethereum, Solana, Binance Smart Chain, and Flow are down at least 10% over the past 24 hours, per data from CryptoSlam.
Outside the crypto market, stock markets across the globe are in the red during today’s trading hours. The UK’s FTSE index is down 1.45%, Germany’s DAX index is down 2.08%, France’s CAC index is down 1.63%, and India’s Sensex index is down 1.66%.
What sparked Ether’s jump above crypto rival Bitcoin?
Ether is outperforming its better-known rival Bitcoin once again as optimism over a long-sought update that promises to reduce the carbon footprint of the world’s most-used blockchain appears to be getting closer to fruition.
Ether, the native cryptocurrency of the Ethereum blockchain, has rallied more than 16% in the past seven days, while Bitcoin rose 8.4%. So far this year, Ether is down about 17% and Bitcoin has fallen roughly 7%.
The latest bout of outperformance is happening as anticipation builds for the biggest software upgrade in Ethereum’s eight-year history. Called the Merge and expected within months, it will change how transactions on Ethereum are ordered, helping the network consume less electricity and run more efficiently
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31-May-2022 — First Mover Asia: Bitcoin Jumps Above $31K; Ether Gas Fees Drop … Insights: Ethereum’s gas fees are at a record low, Sam Reynolds reports.
https://fortune.com › 2022/03/22 › ether-price-ethereu
22-Mar-2022 — Ether jumped as much as 4.8% on Tuesday in Asia, touching its highest level since Feb. 17 and trading at $3,043 at 12:38 p.m. in Hong Kong.
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Ethereum’s significant drop below $1,100 comes amid growing recession fears, a shaky stock market, and rising inflation. The price of ether, along with bitcoin
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2 days ago — Bitcoin And Ethereum Steady, Cardano And Polkadot Jump, As Crypto Market Nurses … Ether is down 0.54%, currently priced at $1,209.00.
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Download scientific diagram | Ethereum intraday significant jumps Note This figure presents the number of significant Ethereum jumps and the average of
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26-Mar-2022 — Ether, the second most popular cryptocurrency fell 0.85 per cent in a day to hit $3105.37 on the day.
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29-Mar-2022 — The price of Ethereum has jumped 15% in the past week and 40% since Mar. 7. · The available supply of Ethereum on crypto exchanges is at a two
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01-Mar-2022 — Similary, Ether, the coin linked to the ethereum blockchain and the second-largest cryptocurrency in terms of market capitalization, also jumped
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22-Mar-2022 — … prices today: Bitcoin at near three-week high; Ether jumps too … Ether, the coin linked to Ethereum blockchain was last seen trading
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First Mover Asia: Bitcoin Jumps Above $31K; Ether Gas Fees Drop. Sam Reynolds, Bradley Keoun. May 30, 2022 ·5 min read. In this article: ETH-USD. ETP-USD.
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24-Mar-2022 — Bitcoin (BTC-USD) and ethereum (ETH-USD) tokens are rising Thursday as investors&amp;#39; risk-on sentiment looms throughout U.S.
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06-Jun-2022 — Today, many traders are looking at Ether in a bullish way, while prepping buy entries. Let’s dive deeper in this Ethereum price prediction.