Markets
Crypto Market Cap Passes $2.5 Trillion Mark After CPI Data
The global cryptocurrency market capitalization saw an impressive boost following the US Consumer Price Index (CPI) report was released.
Namely, the US CPI for April increased by 3.4% last year, crypto.news reported. In March, the IPC reached 3.7%.
Following the CPI report, Bitcoin (BTC) and most major altcoins recorded impressive gains. CoinGecko Data show that the global cryptocurrency market capitalization has increased by 5.7% in the last 24 hours and is currently at $2.51 trillion – a level last seen on April 23.
Global daily crypto trading volume witnessed a 40% surge, surpassing the $100 billion zone.
Furthermore, the leading digital asset, Bitcoin, has gained 6.7% in the last 24 hours and is trading at $65,980 at the time of writing – it briefly reached the $66,000 mark earlier today. BTC’s market capitalization surpassed the $1.3 trillion mark for the first time in the last three weeks.
BTC Price, RSI and Whale Activity – May 16 | Source: Santíment
BTC’s daily trading volume also increased by 72% to reach $43.3 billion.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC increased by 33.8% in the last day – rising from 8,520 to 11,397 unique transactions.
The combination of higher trading volume and increased whale activity shows potential high price volatility and sudden price movements would be expected.
Furthermore, BTC’s Relative Strength Index (RSI) rose from 53 to 70 in the last 24 hours. The indicator shows that Bitcoin is currently overvalued.
An RSI of less than 50 could potentially place Bitcoin for a gradual increase in prices.