According to CoinMarketCap, SOL and AVAX are up about 12% in the last 24 hours.

With BTC recovering $40,000, SOL and AVAX profits

The total market cap of cryptocurrencies stands at $1.8 T. In the last 4 hours, cryptocurrency traders witnessed $122 million in liquidation, with 85% of the losses being caused by short positions. According to Fundstrat, the spike is attributed to brief liquidations: almost all of the impetus may be related to the $160 million in cumulative short liquidations in bitcoin and ethereum over the past 24 hours. thanks to excellent U.S. employment statistics, after falling earlier today.

According to the Labor Department, the U.S. added 467,000 jobs in January, far exceeding economists' expectations. The economy's momentum will undoubtedly prompt the Fed to become more aggressive in the coming years. According to market analysts, the central bank is expected to rise at least six times this year.

The lead coin fell to $32,950 in a violent sell-off on Jan. 24, with the Fed's aggressive turnaround blamed for the disaster. While BTC and ETH have recovered some of their losses, they are still 40% below their all-time highs.

Bitcoin is currently in the green

BTC has risen above $40,000 and is still above it. CoinGecko said BTC was trading at $40,535 at press time. Bitcoin has not reached its current level in the past two weeks. BTC is up more than 10% today, despite falling nearly 42% from its new high of about $69,000 on November 10, 2021.

Other notable Layer 1 tokens, including ETH and SOL, are trading at higher prices today. In the last 24 hours, the overall cryptocurrency market cap has increased by about $100B. This comes after the market lost $1.4 T in revenue since November.

Other financial assets are also performing well today. The U.S. stock market has recovered a bit from a year-long decline that coincided with a drop in the cryptocurrency market. The tech-heavy Nasdaq is up about 0.75% today. This is most likely due to Amazon's recent profit of about 12%. Nevertheless, Meta lost nearly $250B of its market value yesterday to record levels.

For example, both oil and gold saw price gains today, with the latter reaching its highest level since 2014. Stocks related to cryptocurrencies also saw gains today after falling in value in previous weeks. Shares of Coinbase, Block and MicroStrategy are all up around 6% to over 4%.