Crypto market cap surpasses the $2.5t mark following CPI data

Global cryptocurrency market capitalization has recorded impressive momentum following the release of the US Consumer Price Index (CPI) report.

According to Crypto.news, the US’s April CPI increased by 3.4% compared to last year. In March, CPI reached 3.7%.

Following the CPI report, Bitcoin (BTC) and most of the leading altcoins recorded impressive gains. Data from CoinGecko shows that the global cryptocurrency market cap increased by 5.7% in the last 24 hours and currently stands at $2.51 trillion; This level was last seen on April 23.

Global crypto daily trading volume witnessed a 40% increase and crossed the $100 billion region.

Moreover, the leading digital asset Bitcoin has gained 6.7% in the last 24 hours and is trading at $65,980 at the time of writing; It briefly touched $66,000 earlier today. BTC market cap exceeded $1.3 trillion for the first time in the last three weeks.

BTC price, RSI and whale activity – May 16 | Source: Santiment

BTC’s daily trading volume also increased by 72%, reaching $43.3 billion.

According to data provided by Santiment, the number of whale transactions consisting of at least $100,000 worth of BTC increased by 33.8% in the past day, from 8,520 to 11,397 unique transactions.

The combination of increased trading volume and increased whale activity indicates potential high price volatility and sudden price movements can be expected.

Additionally, the BTC Relative Strength Index (RSI) increased from 53 to 70 in the last 24 hours. The indicator shows that Bitcoin is currently overvalued.

An RSI below 50 could potentially lead Bitcoin into a gradual price increase.