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Bitcoin recovers well, exceeds $65,000. Memecoin FLOKI becomes the Top Gainer
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to recover after days, surpassing the $65,000 mark early Thursday. Favorable US inflation data announced last night helped the rally. Other popular altcoins — including Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — ended up in the green across the board as the overall market fear and greed index he remained standing. at 61 (Neutral) out of 100, as per CoinMarketCap data. Memecoin FLOKI emerged as the biggest gainer of the lot, jumping nearly 11% in 24 hours. Sam Altman’s Worldcoin (WLD) became the biggest loser, dropping nearly 10% in 24 hours.
At the time of writing, the global cryptocurrency market capitalization stood at $2.39 trillion, recording a 24-hour gain of 5.77%.
Bitcoin (BTC) price today
According to CoinMarketCap, the price of Bitcoin stood at $65,932.77, recording a 24-hour gain of 6.51%. According to Indian exchange WazirX, the price of BTC stood at Rs 57.25 lakh.
Ethereum (ETH) price today
At the time of writing, ETH price stood at $3,011.51, marking a 24-hour gain of 3.82%. According to WazirX, the price of Ethereum in India stands at Rs 2.62 lakh.
Dogecoin (DOGE) price today
DOGE recorded a 24-hour jump of 7.76%, according to CoinMarketCap data, currently priced at $0.157. According to WazirX, the price of Dogecoin in India was Rs 13.40.
Litecoin (LTC) price today
Litecoin posted a 24-hour gain of 4.55%. As of this writing, it was trading at $82.60. The price of LTC in India stood at Rs 7,105.49.
Ripple (XRP) price today
XRP price settled at $0.5186, registering a 3.40% jump in 24 hours. According to WazirX, Ripple price stood at Rs 45.10.
Solana (SOL) Price today
Solana’s price settled at $163.04, marking a 24-hour gain of 13.46%. According to WazirX, the SOL price in India stood at Rs 13,750.
Top cryptocurrency gains today (May 16)
According to CoinMarketCap data, here are the five biggest cryptocurrency gains in the last 24 hours:
Floki (FLOKI)
Price: $0.0002158
Earnings over 24 hours: 10.77%.
Pepper (PEPPER)
Price: $0.00001141
Earnings over 24 hours: 6.10%.
Arweave (AR)
Price: $41.22
Earnings over 24 hours: 4.90%.
Wormholes (W)
Price: $0.5436
Earnings over 24 hours: 2.88%.
THORChain (RUNE)
Price: $5.65
Earnings over 24 hours: 1.75%.
Today’s Top Crypto Losers (May 16)
According to CoinMarketCap data, here are the top five cryptocurrency losers over the past 24 hours:
World Currency (WLD)
Price: $4.79
Earnings over 24 hours: 9.30%.
Ethena (ENA)
Price: $0.7021
Earnings over 24 hours: 6.98%.
Celestia (TIA)
Price: $8.19
Earnings over 24 hours: 6.77%.
dogwifhat (WIF)
Price: $2.92
Earnings over 24 hours: 5.98%.
NEAR (NEAR) protocol
Price: $6.97
Earnings over 24 hours: 4.91%.
What cryptocurrency exchanges are saying about the current market scenario
Mudrex co-founder and CEO Edul Patel told ABP Live: “Bitcoin has risen above the $66,000 level in the last 24 hours following weaker-than-expected US inflation data. This has boosted investor sentiment awaiting potential rate cuts. The surge indicates that the bulls have absorbed the supply. The bulls manage to hold above the current level, the next resistance will be set at $67,100 and support will be found at $65,800. On the other hand, Ethereum has also broken above the $3,000 level. Overall, there is positive sentiment in the market with the global market capitalization rising by 6% in the past day.”
CoinSwitch Markets Desk noted: “BTC had a huge green day yesterday, posting its highest daily gains in nearly two months. This spike was mainly due to the US CPI data triggering as the inflation numbers were as expected , but they were lower last time and fueled expectations in the eyes of participants that an early Fed rate cut may be more likely now than before. One of the biggest gainers in the top 100 has remained Fantom’s FTM since the update sound of the layer 1 blockchain has come close to their claims of improving transaction speed by a factor of 10. The network will remain an EVM-compatible chain, competing with the likes of AVAX Ora.”
Rajagopal Menon, vice president of WazirX, said: “Bitcoin (BTC) rose 7.54% in 24 hours to surpass $65,000 as favorable US inflation data supported investor sentiment. With a spike of $66,442.31, BTC rose 8.3%, its highest since April 24. The rally reflects renewed confidence in the cryptocurrency among macroeconomic indicators. Altcoins are in an uptrend following Bitcoin’s surge Optimism prevails as ETF inflow data promises clarity in the market soon. TRX trades at $0.125, approaching the $0.127 resistance. a drop below $0.121 could lead to $0.116 last month whales accumulated over $160 million of TRX, taking reserves to the highest levels of the year. The $142 million TRX awaits gains in the 0.123 range -$0.127, potentially alleviating selling pressure as investors target higher profits.
Shivam Thakral, CEO of BuyUcoin, said: “The latest CPI data showed that inflation in April showed signs of cooling. The news had an immediate impact on financial markets, including digital assets, with Bitcoin rising to the $66,000 mark. The current rally has opened the door for a broader cryptocurrency rally with the possibility of BTC hitting the $84,000 mark, according to Swissblock. Bitcoin broke the downtrend and broke above the immediate $65,000 resistance level, signaling a broader rally in the coming weeks for all digital assets.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said: “Bitcoin increased by 7.50% to $66,350 after the release of US inflation data. The consumer price index (CPI) increased by 0 .3% in April, suggesting cooling inflation and rising expectations of a possible interest rate cut by the Federal Reserve in September. This dovish outlook has weakened the dollar and strengthened bitcoin as investors seek alternative assets , Bitcoin has broken out of the symmetrical triangle at $63,300, showing bullish momentum. However, the overbought RSI and candlestick patterns like the Doji around $66,200 indicate possible market indecision support at $65,150 and $63,300, with resistance at $67,300 and $68,545 could trigger a bearish correction.
CoinDCX’s research team told ABP Live: “Over the past 24 hours, the cryptocurrency market has seen a huge upward move as US CPI came in lower than expected. BTC hit $66,000 and ETH hit $3,000. $, with alts up 10-20% Bitcoin dominance has also continued to increase, indicating that BTC is leading the market share. Technically, this is a relief after many days of choppy price action and movement laterals BTC now needs to hold this level and continue rising towards the high range of $73,000.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any losses arising from such transactions. Cryptocurrency is not legal tender and is subject to market risks. Readers are advised to seek expert advice and carefully read the offering documents along with relevant relevant literature on the subject before making any type of investment. Cryptocurrency market forecasts are speculative and any investments made will be at the sole cost and risk of the readers.