The majority of the cryptocurrencies were trading with solid gains on June 16, after the announcement of interest rate hike by the US Federal reserve.
The Fed announced the most aggressive interest rate increase in nearly 30 years on Wednesday, and said it is prepared to do so again next month in an all-out battle to drive down surging inflation.
Bitcoin was trading at $21,290.29, 5.12% higher and Ether was trading at $1,130.82, 9.65% higher according to Coindesk data at 15:40 IST.
Smaller cryptocurrencies, too, followed the pattern set by their larger peers. Cardano traded 3 percent higher at $0.484, Stellar was 1.79 percent higher at $0.109, Polkadot was 5.6 percent higher to trade at $7.48.
Maximum gains were posted by Dogecoin and Solana which rose by 8.14 percent to trade at $0.056, and 11 percent higher to trade at $30.97, respectively, according to CoinDesk data at 16.22 IST.
The market cap of the global cryptocurrency market has hovers around $905 billion, down from a peak of $2.97 trillion in November according to CoinMarketCap data.
Despite the massive loss in value, some crypto supporters continue to root for the digital currencies including the president of the Central African Republic (CAR), who remains bullish on Bitcoin (BTC) and crypto.
He tweeted recently that investors should first understand bitcoin to acknowledge its disruptive power.
In the crypto universe, one sad news is usually followed by an unhappy news. Soon after Coinbase, BlockFi and Crypto.com layoffs, some crypto firms have accelerated hiring.
Crypto exchange Binance is set to hire 2,000 people, while Kraken and Polygon have also expressed their desire to add the headcount.