CPI data drives crypto market cap beyond $2.5 trillion
The release of the U.S. Consumer Price Index (CPI) report has sparked a significant surge in the global cryptocurrency market capitalization. According to crypto.news, the US CPI for April witnessed a 3.4% increase compared to the previous year, following a 3.7% rise in March. As a result, Bitcoin (BTC) and other major altcoins experienced notable gains. CoinGecko data indicates that the global crypto market cap rose by 5.7% in the past 24 hours, reaching $2.51 trillion, a level not seen since April 23. Furthermore, the daily trading volume of the global crypto market soared by 40%, surpassing the $100 billion mark.
Bitcoin, the leading digital asset, saw a 6.7% surge within the past 24 hours, currently trading at $65,980. Earlier in the day, it briefly touched the $66,000 milestone. Notably, BTC’s market cap exceeded $1.3 trillion, a first in the last three weeks. The daily trading volume of Bitcoin also witnessed a 72% increase, reaching $43.3 billion. Santiment’s data reveals that whale transactions, involving at least $100,000 worth of BTC, surged by 33.8% in the past day, rising from 8,520 to 11,397 unique transactions. With heightened trading volume and increased whale activity, the market should anticipate high price volatility and sudden price movements.
Moreover, the BTC Relative Strength Index (RSI) climbed from 53 to 70 within the past 24 hours, indicating that Bitcoin is currently overvalued. An RSI below 50 could potentially set the stage for a gradual price hike. As the market continues to show signs of growth, Robinhood Europe has introduced a 5% annual percentage yield (APY) Solana staking option.
