Blockchain
Bitcoin Surpasses $65K; FLOKI Leads as Top Gainer in Crypto Market
By Angela Torres
May 16, 2024
Bitcoin, the world's most recognized and valuable cryptocurrency, has experienced a significant surge in value after days of fluctuating prices. On Thursday morning, Bitcoin managed to climb above the $65,000 mark. This rally was largely influenced by favorable US inflation data, which was released last night.
Notably, other popular altcoins such as Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) also enjoyed an increase in their values across the board. The overall market fear and greed index currently stands at 61 out of 100, indicating a neutral sentiment among market participants, according to CoinMarketCap data.
Among these cryptocurrencies, Memecoin FLOKI emerged as the biggest gainer, with a nearly 11 percent jump over the past 24 hours. Conversely, Sam Altman's Worldcoin (WLD) suffered from a dip of almost 10 percent during that same period.
As it stands now, the global crypto market cap is recorded at $2.39 trillion, marking a substantial gain of around 5.77 percent within just one day.
In terms of individual performances:
Bitcoin is priced at $65,932.77, which represents an impressive growth rate of about 6.51 percent.
Ethereum follows closely behind, with its price standing at $3,011.51 after experiencing a similar growth rate.
Dogecoin registered an even higher jump percentage-wise, seeing its value rise by around 7.76% to reach approximately $0.157.
Litecoin saw gains amounting to roughly 4.55%, pushing its current trading price up to around $82.60.
XRP achieved growth rates close to those seen by Etherum, rising by about 3.40% and bringing its present worth up to approximately 0.5186.
Solana displayed remarkable performance figures as well, marking a gain of around 13.46% and bringing its current value up to $163.04.
These figures were all provided by CoinMarketCap data and reflect the values at the time of writing.
Edul Patel, co-founder and CEO of Mudrex, commented on this recent surge in Bitcoin's price: "Bitcoin rose above the $66,000 level in the past 24 hours following softer-than-expected US inflation data." He added that this has led to increased investor sentiment as they anticipate potential rate cuts.
Patel also highlighted that if bulls can maintain their position above these levels, then we could see Bitcoin reaching new resistance levels set at $67,100, with support lying around $65,800. Furthermore, he noted Ethereum's significant rise above the $3,000 mark, overall reflecting positive market sentiment, as the global market cap saw an increase of approximately 6 percent over just one day alone.
In addition to Patel’s comments, Rajagopal Menon, Vice President WazirX, said: “Bitcoin (BTC) surged 7.54% in 24 hours, hitting over $65,000 as favorable US inflation data buoyed investor sentiment.”
Shivam Thakral, CEO of BuyUcoin, stated that the latest CPI data showed signs of cooling down, which had an immediate impact on financial markets, including digital assets, with Bitcoin surging to the $66,000 mark. This current rally opened doors to a to a larger crypto possibility, with BTC touching the $846,000 mark.
Finally, the CoinDCX Research Team told ABP Live that in the that in the last 24 hours, the crypto market saw a huge upside move. U.S. CPI came in lower than expected, and BTC reached $66,000,000 ETH$3,000, and alts, jumping by 10–20%.
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