Crypto Market Defies Expectations with Surprise Rally Amid Rate Hikes

The cryptocurrency market has defied expectations by rising despite rate hikes from major central banks. The Bank of Japan and the Federal Reserve raised their interest rates by 25 basis points each, but instead of driving investors away from crypto, the market continued to grow.

According to Coingecko data, the total crypto value reached $2.76 trillion, a 2.0% increase in just one day. Daily trading volume hit $89.6 billion, with Bitcoin holding 56.8% dominance and Ethereum at 11.1%. The price of Bitcoin surged by 2.4% to $78,141.90, while Ethereum rose by 2.9% to $2,507.18.

Other notable gains were seen in XRP, which broke out after Ledger's support for an open wallet and traded at $1.33. The top gainers of the day included Orbio, Mushroom, and GreenHood, with price surges of 84.4%, 69.9%, and 76.0% respectively.

However, not all traders had a good day, as 87,447 traders were liquidated in the past 24 hours, wiping out $303.90 million. Short sellers took the bigger hit at $248.40 million compared to $55.90 million on the long side.