Markets
Cryptocurrency market capitalization surpasses the $2.5 trillion mark according to CPI data
The global cryptocurrency market capitalization has seen impressive momentum following the US consumer price index (IPC) the report was published.
Specifically, the US CPI for April increased by 3.4% over the past year, crypto.news reported. In March the consumer price index reached 3.7%.
Following the CPI report, Bitcoin (BTC) and most major altcoins posted impressive gains. Data from CoinGecko Shows that the global cryptocurrency market capitalization has increased by 5.7% in the last 24 hours and currently stands at $2.51 trillion, a level last seen on April 23.
Global daily cryptocurrency trading volume has rallied 40%, surpassing the $100 billion mark.
Furthermore, the main digital asset, Bitcoin, has gained 6.7% in the last 24 hours and at the time of writing is trading at $65,980: today it briefly touched the $66,000 mark. BTC’s market capitalization surpassed the $1.3 trillion mark for the first time in the past three weeks.
BTC Price, RSI and Whale Activity – May 16 | Source: Santimento
BTC’s daily trading volume also increased by 72% to $43.3 billion.
According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 in BTC increased by 33.8% over the past day, from 8,520 to 11,397 unique transactions.
The mix between increased trading volume and increased whale activity shows potentially high price volatility and sudden price movements would be expected.
Furthermore, BTC’s Relative Strength Index (RSI) has risen from 53 to 70 in the past 24 hours. The indicator shows that Bitcoin is currently overvalued.
An RSI below 50 could potentially put Bitcoin for a gradual increase in prices.