Crypto prices have swiftly turned to the bullish corner in the last day, caughting traders shorting Bitcoin and Ethereum have been out.
This positive price movement puts the total market capitalization just above $1.05 trillion, a 7.15%.
Apex crypto, Bitcoin (BTC), is up 7.3% over the past 24 hours and trades at around $22,884.
Yet, BTC is still down 66.66% from its all-time high of $68,789.63 recorded in November 2021.
Ethereum (ETH) has also posted significant gains of nearly 11% over the past 24 hours.
The leading smart contracts blockchain is trading at around $1,614 apiece, down 66.69% from its recorded all-time highs in November 2021.
Coinglass reports that nearly 88,140 traders were liquidated over the past 24 hours.
Of those traders, 72% were short various cryptocurrencies, resulting in losses of $273.87 million.
Ethereum led liquidations, with nearly $165.52 million liquidated of which $120.34 million were short positions.
Bitcoin traders were also liquidated to the tune of $116.60 million ($82.47 million in shorts), followed by $31.28 million ($22.10 million in shorts) in Ethereum Classic wiped out.
Apart from Bitcoin and Ethereum, DeFitokens, including Lido (37%), Synthetix (24%), and Uniswap (23%), have also posted significant gains.
Ethereum Classic (28%), Bitcoin Cash (23%), and several other proof-of-work (PoW) blockchains also showed positive price movement.
Today’s bullish price action comes on the heels of the U.S. Federal Reserve delivering the expected 75-basis point hike and strong growth in trading volumes.