Key Points
- The global cryptocurrency market cap surged after the release of the U.S. Consumer Price Index (CPI) report.
- Bitcoin (BTC) and other leading altcoins saw significant gains, with the BTC market cap exceeding $1.3 trillion.
Following the recent publication of the U.S. Consumer Price Index (CPI) report, the global cryptocurrency market capitalization experienced a significant boost.
The April CPI in the U.S. saw a 3.4% rise compared to the previous year, and in March, it reached 3.7%.
Impressive Gains for Cryptocurrencies
This CPI report led to notable gains for Bitcoin (BTC) and other top altcoins. According to data from CoinGecko, the global cryptocurrency market cap saw a 5.7% increase within 24 hours, reaching $2.51 trillion — a peak last observed on April 23.
Furthermore, the global crypto daily trading volume experienced a 40% surge, crossing the $100 billion threshold.
Bitcoin, the leading digital asset, saw a 6.7% rise within 24 hours and was trading at $65,980 at the time of writing. It even briefly hit the $66,000 mark. The market cap of Bitcoin crossed the $1.3 trillion mark for the first time in three weeks.
Increased Trading and Whale Activity
The daily trading volume of Bitcoin also saw a 72% increase, reaching $43.3 billion. Santiment provided data showing a 33.8% spike in the number of whale transactions involving at least $100,000 worth of BTC in the past day. This increased from 8,520 to 11,397 unique transactions.
This combination of increased trading volume and whale activity indicates potential for high price volatility and sudden price movements.
Moreover, the BTC Relative Strength Index (RSI) rose from 53 to 70 within 24 hours. This indicator suggests that Bitcoin is currently overvalued. An RSI below 50 could potentially set Bitcoin up for a gradual price increase.
