Markets
Crypto Market Cap Surpasses $2.5 Billion Mark Following CPI Data
The global cryptocurrency market capitalization recorded impressive momentum after the US Consumer Price Index (CPI) the report has been published.
In particular, the American CPI for April increase by 3.4% over the past year, crypto.news reported. In March, the CPI reached 3.7%.
Following the CPI report, Bitcoin (BTC) and most major altcoins saw impressive gains. Data from CoinGecko watch that the global cryptocurrency market capitalization increased by 5.7% in the last 24 hours and currently stands at $2.51 trillion – a level last seen on April 23.
Global daily crypto trading volume saw a 40% increase, surpassing the $100 billion zone.
Additionally, leading digital asset Bitcoin has gained 6.7% in the past 24 hours and is trading at $65,980 at the time of writing – it briefly touched the $66,000 mark earlier during the day. The BTC market capitalization has surpassed the $1.3 trillion mark for the first time in the last three weeks.
BTC Price, RSI and Whale Activity – May 16 | Source: Santiment
Daily BTC trading volume also increased by 72%, reaching $43.3 billion.
According to data provided by Santiment, the number of whale transactions representing at least $100,000 worth of BTC jumped 33.8% over the past day, from 8,520 to 11,397 unique transactions.
The combination of increased trading volume and increased whale activity shows high potential price volatility and sudden price movements would be expected.
Additionally, the BTC Relative Strength Index (RSI) rose from 53 to 70 in the last 24 hours. The indicator shows that Bitcoin is currently overvalued.
An RSI below 50 could potentially put Bitcoin for a gradual increase in prices.