(16 May 2024, 11:49 AM IST): In the cryptocurrency market today, Thursday morning brings a wave of bullishness as major tokens in the market witness significant gains. The primary driver behind this surge is the recently released U.S. Consumer Price Index (CPI) data, announced on May 15th, which has ignited a bullish rally particularly in Bitcoin (BTC).
Bitcoin, has experienced a remarkable climb in the past 24 hours. Starting from a yesterday low of $61,486 yesterday, it soared to an impressive high of $66,567. This surge is seen as a direct response to the released CPI data. As of the time of writing, Bitcoin is currently trading at $65,687, inching towards retesting its resistance level. A successful retest could potentially propel Bitcoin towards its primary target of $67,200, further solidifying its position in the market.
Amidst this Bitcoin frenzy, other cryptocurrencies have also made significant gains, with Fantom (FTM), Book of Meme ($BOME), and Sei ($SEI) leading the pack.
Bitcoin (BTC) and Ethereum (ETH) Prices:
Bitcoin (BTC) has surged by 6.16% in the last 24 hours, reaching $65,752, with a market cap of $1.29 trillion. Ethereum (ETH) is also on the rise, trading at $3,011, marking a 3.53% increase in the last 24 hours, with a market cap of $361 billion.
Top Gainers:
- Fantom (FTM): Fantom (FTM) has seen an impressive surge of 25.95%, reaching $0.8105 in the last 24 hours. The market cap for FTM currently stands at $2.26 billion, reflecting a significant upward trajectory. Over the past week, FTM has surged by an impressive 19.94%, indicating sustained momentum.
- Book of Meme ($BOME): The trending memecoin, Book of Meme ($BOME), has experienced a remarkable increase of 24.32%, reaching $0.01288 in the last 24 hours. With a market cap of $882 million, BOME is gaining attention in the cryptocurrency community as it continues its upward climb.
- Sei ($SEI): Sei ($SEI) has surged by 19.83%, reaching $0.5488 in the last 24 hours. With a market cap of $1.60 billion, SEI is establishing itself as a notable player in the cryptocurrency market, showcasing promising growth potential.
As the cryptocurrency market continues to rally, these notable gains in Bitcoin and other altcoins signal an optimistic outlook among investors.