The world cryptocurrency market has grown much faster since the most recent U.S. Consumer Price Index (CPI) report, going over the $2.5 trillion mark.
For April, the U.S. CPI showed a 3.4% rise over the previous year, This comes after the CPI hit 3.7% in March.
Following the release of the CPI report, Bitcoin (BTC) and a lot of other popular coins saw big gains. According to CoinGecko, the value of the world’s cryptocurrency markets has grown by 5.7% in the past 24 hours, hitting $2.51 trillion, a level not seen since April 23.
Bitcoin’s Daily Trade Volume Soars
Also, the daily trade volume of cryptocurrencies around the world increased by an amazing 40%, going over the $100 billion mark.
Bitcoin, which is the most valuable digital currency, has risen by 6.7% in the last day and is now worth $65,980. This morning, it got close to $66,000 for a short time. It’s worth noting that Bitcoin’s market cap went over $1.3 trillion for the first time in three weeks.
The amount of Bitcoin traded every day also went up by 72%, reaching $43.3 billion.
Santiment data shows that the number of whale transactions worth at least $100,000 BTC has gone up by 33.8% in the last day, from 8,520 to 11,397 unique transactions. This rise in trading activity, along with the involvement of more “whales,” points to the possibility of major price changes and sudden market movements.
The Bitcoin Relative Strength Index (RSI) has also gone up from 53 to 70 in the last 24 hours, which shows that Bitcoin is currently too expensive. If the RSI falls below 50, it could mean that the price of BTCwill slowly go up.
