Latest U.S. CPI Data Triggers Price Growth Across Crypto Market

The global crypto market has experienced a positive price movement following the release of the United States Consumer Price Index (CPI) data. Consequently, the majority of the coins in the market are trading in the green zone as shown in the crypto heat map by CoinMarketCap, indicating renewed sentiment among investors. Additionally, according to data from Alternative, the market has entered the ‘Greed’ zone as depicted in the crypto fear and greed index where its value now rests on the point 70. This signifies a 6 point increase from yesterdays 64.

Crypto Market Cap Gains Over 5% in a Day

Meanwhile, the inflation in the United States as measured by the change in its CPI has reportedly dropped to 3.4% on a yearly basis. This represents a 0.1% shift from the 3.5% in March as reported by the U.S. Bureau of Labor Statistics (BLS). As a result, the crypto market cap has reacted positively, increasing by over 5% in the last 24 hours. At the time of writing, the total crypto market cap now stands at $2.4 trillion. Also, the global crypto trading volume has spiked by 48.98% to $101 billion.

Bitcoin, the largest cryptocurrency by market cap has surged by 5.78% over the last day to trade at $66.3k. The trading volume for the flagship crypto in the last 24 hours has increased by 67% to $41.9 billion with a live market cap of $1.3 trillion. What is more, the number of whale transactions carrying at least $100,000 BTC, increased by 33.8% in the last day, from 8,520 to 11,397 unique transactions, according to data from Santiment. Riding on this wave, expert analysts predict a new all-time high, calling for sustained closure above $67K.

On the altcoin front, Ethereum (ETH), the second-largest cryptocurrency is currently trading at $3,009, signifying a 2.92% increase within the recorded time. Furthermore, Ethereum’s trading volume in the last 24 hours has jumped by an impressive 32% to $15.4 billion and a market cap of $360.7 billion.

Other coins like XRP, Solana (SOL), and BNB have increased by 3.4%, 12.46%, and 2.18% respectively. At press time, XRP is trading at $0.519, BNB at $582.5, and SOL at $163.62. Leading the memecoins, the price of Dogecoin (DOGE) has spiked by 3.38% to trade at $0.155. Shiba Inu (SHIB) is up 6.82% over the last day and is now changing hands at $0.00002535.

Ultimately, a combination of surging trading volume in the market and more whale activity suggests that there could be significant price volatility and abrupt price changes could be expected.