Bitcoin (BTC), the world's oldest and most valuable cryptocurrency, surpassed the $65,000 mark early Thursday and managed to recover a few days later. Good US inflation data released last night supported the rally. Other popular altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) landed in the green across the board as the overall market fear and greed index rose. . According to CoinMarketCap data, it has a score of 61 out of 100 (neutral). Meme coin FLOKI emerged as the biggest gainer, rising nearly 11% in 24 hours. Sam Altman's World Coin (WLD) was the biggest loser, dropping nearly 10% in 24 hours.
At the time of writing, the global cryptocurrency market capitalization was $2.39 trillion, an increase of 5.77% in 24 hours.
Bitcoin (BTC) price today
According to CoinMarketCap, Bitcoin price was $65,932.77, registering an increase of 6.51 percent in 24 hours. According to Indian exchange WazirX, the BTC price was 57.25 million rupees.
Ethereum (ETH) price today
ETH price was $3,011.51, up 3.82 percent in 24 hours at the time of writing. According to WazirX, the Ethereum price in India was 262,000 rupees.
Dogecoin (DOGE) price today
According to data from CoinMarketCap, DOGE has gained 7.76% in 24 hours and is currently priced at $0.157. According to WazirX, Dogecoin price in India was Rs 13.40.
Litecoin (LTC) price today
Litecoin rose 4.55% in 24 hours. At the time of writing, it was trading at $82.60. The LTC price in India was Rs 7,105.49.
Ripple (XRP) price today
XRP price was $0.5186, up 3.40% in 24 hours. According to WazirX, Ripple price was Rs 45.10.
Solana (SOL) price today
Solana price was $163.04, registering an increase of 13.46% in 24 hours. According to WazirX, his SOL price in India was Rs 13,750.
Top crypto earners today (May 16th)
According to data from CoinMarketCap, the top 5 cryptocurrencies that gained in the past 24 hours are:
FLOKI
price: $0.0002158
24 hour increase: 10.77%
Pepe (Pepe)
price: $0.00001141
24 hour increase: 6.10%
Arweave (AR)
price: $41.22
24 hour increase: 4.90%
Wormhole (W)
price: $0.5436
24 hour increase: 2.88%
Saw Chain (Rune)
price: $5.65
24 hour increase: 1.75%
Top Cryptocurrency Losers Today (May 16th)
According to CoinMarketCap data, the top 5 crypto losers in the past 24 hours are:
World Coin (WLD)
price: $4.79
24 hour increase: 9.30%
Ethena (ENA)
price: $0.7021
24 hour increase: 6.98%
Celestia (TIA)
price: $8.19
24 hour increase: 6.77%
Dogwifat (WIF)
price: $2.92
24 hour increase: 5.98%
NEAR Protocol (NEAR)
price: $6.97
24 hour increase: 4.91%
What crypto exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin has fallen below $66,000 in the past 24 hours following softer-than-expected US inflation data. This increased investor sentiment for a potential rate cut.This surge indicates that bulls have absorbed supply.If the bulls can sustain above current levels. The next resistance level is set at $67,100, with support at $65,800. Meanwhile, Ethereum is also surging above the $3,000 mark, with its global market capitalization increasing by 6% in the past day. There is a lot of positive sentiment in the market.”
“BTC had a massive green day yesterday, posting its highest single-day gain in almost two months,” CoinSwitch Market Desk said. The jump was largely driven by U.S. Consumer Price Index (CPI) data, which showed that inflation was as expected but lower last time around, making an early Fed rate cut more likely than before in participants' eyes. There were high expectations that this would be the case. One of the most profitable companies in the top 100 is Fantom's FTM, as Layer 1 blockchain acoustic upgrades bring transaction speeds closer to the company's claim of 10x improvement. continued to be. The network will continue to be an EVM compatible chain and will compete with AVAX and others. now. “
“Bitcoin (BTC) rose 7.54% in 24 hours to cross $65,000 as favorable inflation statistics in the US boosted investor sentiment,” said WazirX Vice President Rajagopal Menon. Ta. BTC rose 8.3% to peak at $66,442.31, its highest since April 24th. This rise reflects renewed confidence in cryptocurrencies among macroeconomic indicators. Altcoins are also on the rise due to the rapid rise in Bitcoin prices. Optimism is growing as ETF inflow data is expected to bring clarity to the market soon. TRX is trading at $0.125 and approaching resistance at $0.127. If there is a violation, the price could drop to $0.13 or even $0.144. Conversely, if it falls below $0.121, it could reach $0.116. Whale accumulated more than $160 million in TRX last month, increasing reserves to the highest level this year. The $142 million TRX is waiting for a rally in the $0.123 to $0.127 range, which could ease selling pressure as investors focus on higher returns. ”
“The latest CPI data showed that inflation showed signs of subsidence in April,” said Shivam Thakral, CEO of BuyUcoin. The news had an immediate impact on financial markets, including digital assets, with Bitcoin soaring to the $66,000 range. According to Swissblock, the current rally has opened the door to a bigger cryptocurrency rally with the possibility of BTC reaching the $84,000 mark. Bitcoin has broken its downtrend and breached the immediate resistance level at $65,000, signaling an even bigger rally for the digital asset as a whole in the coming weeks. ”
“Bitcoin rose 7.50% to $66,350 after the release of US inflation statistics,” said Satvik Vishwanath, co-founder and CEO of Unocoin. Ta. The consumer price index (CPI) rose 0.3% in April, suggesting inflation is cooling and raising expectations that the Federal Reserve could cut interest rates in September. The dovish outlook sent the dollar lower and Bitcoin higher as investors sought alternative assets. Technically, Bitcoin has broken out of the symmetrical triangle at $63,300, indicating bullish momentum. However, overbought RSI and candlestick patterns like the doge near $66,200 indicate possible market indecision. The key levels to watch are the support at $65,150 and $63,300, and the resistance at $67,300 and $68,545. A bearish correction could occur if the price breaks below $65,150. ”
The CoinDCX research team told ABP Live: “The crypto market has seen a big rally in the past 24 hours as the US CPI was lower than expected. BTC reached $66,000, ETH reached $3,000, and alternative currencies It rose 20%. Bitcoin's dominance also continues to rise, indicating that BTC is leading the market share after days of volatile price action. It's a relief after the move. BTC should now hold this level and continue rising toward the highs in the $73,000 range.”
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Disclaimer: Crypto products and NFTs are unregulated and can be extremely risky. Regulatory remedies may not be available for losses from such transactions. Cryptocurrencies are not legal tender and are therefore subject to market risks. Readers are advised to seek professional advice and carefully read the offer document together with relevant key literature on the subject before making any type of investment. cryptocurrency Market forecasts are speculative and investments are made at the reader's sole expense and risk.
