Crypto Market Cap Surges to $2.5T After US CPI Report

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As a seasoned crypto investor with several years of experience under my belt, I’ve seen my fair share of market fluctuations. The latest surge in the global cryptocurrency market capitalization, following the release of the U.S. Consumer Price Index (CPI) report, has left me both excited and cautious.

The total value of all cryptocurrencies in circulation around the world has hit an impressive $2.51 trillion following the unveiling of the latest US Consumer Price Index (CPI) figures.

According to the latest data from the U.S. Bureau of Labor Statistics (BLS) report, the Consumer Price Index (CPI) in the United States rose by 3.4% compared to the same period last year in April. Notably, there was a 3.7% increase in CPI during March this year. Following the publication of this data, many top altcoins, including Bitcoin (BTC), experienced substantial price hikes.

According to Coingecko’s latest data, the total value of all cryptocurrencies combined reached an astounding $2.51 trillion, marking a 5.54% surge in just one day. Compared to the same period last year, this signifies a remarkable growth of 113.62%.

In the past 24 hours, Bitcoin experienced a 6.7% growth and surpassed the $66,000 mark for the first time since April 24th.

Over the past three weeks, the value of all bitcoins in circulation, as indicated by CoinMarketCap, has surpassed $1.3 trillion for the first time. Furthermore, the daily trading volume for Bitcoin reached an impressive $43.3 billion, representing a significant 72% increase.

Over the past day, Santiment’s data reveals that there were approximately 11,397 distinct whale-sized Bitcoin transactions, representing a significant surge from the 8,520 such transactions recorded the preceding day, marking a notable 33.8% rise in value.

Yesterday, Bitcoin’s Relative Strength Index (RSI) climbed from 53 to 70. Based on this technical indicator, Bitcoin now appears overvalued.

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2024-05-16 14:12