The global cryptocurrency market cap has surged past $2.5 trillion following the release of the U.S. Consumer Price Index (CPI) data.
The U.S. CPI for April increased by 3.4% over the past year.
Following this CPI report, Bitcoin (BTC) and many top altcoins saw significant gains. According to CoinGecko, the global cryptocurrency market cap grew by 5.7% in the past 24 hours, reaching $2.51 trillion—a level last seen on April 23.
The daily trading volume in the global crypto market also jumped by 40%, surpassing $100 billion.
Bitcoin, the leading digital asset, gained 6.7% in the past 24 hours and is currently trading at $65,980, having briefly touched $66,000 earlier today. The BTC market cap exceeded $1.3 trillion for the first time in the past three weeks.
BTC’s daily trading volume also saw a significant increase of 72%, reaching $43.3 billion.
Data from Santiment shows that the number of large transactions involving at least $100,000 worth of BTC rose by 33.8% in the past day, increasing from 8,520 to 11,397 unique transactions.
The combination of higher trading volume and increased activity from large investors suggests potential price volatility and sudden price movements.
Additionally, Bitcoin’s Relative Strength Index (RSI) rose from 53 to 70 over the past 24 hours. This indicator suggests that Bitcoin is currently overvalued.
An RSI below 50 could indicate potential for a gradual price increase for Bitcoin.
Summary Review: The recent CPI data has sparked significant growth in the cryptocurrency market, pushing the global market cap past $2.5 trillion. With Bitcoin and other major cryptocurrencies experiencing substantial gains and increased trading activity, the market shows signs of potential volatility and rapid price movements in the near future.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
