🌎 Cryptocurrency Market Soars as US CPI Report Boosts Bitcoin, Altcoins

The global cryptocurrency market capitalization has experienced significant momentum following the release of the U.S. Consumer Price Index (CPI) report. The US CPI for April increased by 3.4% over the past year, as compared to the 3.7% recorded in March.

Following the CPI report, Bitcoin (BTC) and leading altcoins saw notable gains. Data indicates that the global cryptocurrency market cap rose by 5.7% in the past 24 hours, reaching $2.51 trillion—a level last seen on April 23. Additionally, the global crypto daily trading volume surged by 40%, surpassing the $100 billion mark.

Bitcoin’s Performance

The leading digital asset, Bitcoin, gained 6.7% in the past 24 hours and is trading at $65,980 at the time of writing, briefly touching the $66,000 mark earlier today. The BTC market cap surpassed $1.3 trillion for the first time in three weeks. The BTC daily trading volume also saw a 72% increase, reaching $43.3 billion.

According to data, the number of whale transactions consisting of at least $100,000 worth of BTC surged by 33.8% over the past day, rising from 8,520 to 11,397 unique transactions. This mix of heightened trading volume and increased whale activity suggests potential high price volatility and sudden price movements.

Bitcoin’s RSI and Market Indicators

The BTC Relative Strength Index (RSI) rose from 53 to 70 over the past 24 hours, indicating that Bitcoin is currently overvalued. An RSI lower than 50 could potentially suggest a gradual price hike for Bitcoin.