Hassan Maishera
TL;DR
-
Bitcoin is up by 7% in the last 24 hours and is trading at around $66k per coin.
-
The rally comes as the Consumer Price Index (CPI) rose 0.3% in April versus 0.4% in March and economists forecasts of 0.4%.
BTC Surges By 7%
The cryptocurrency market recorded its best day in two months on Wednesday after rallying by 5%. BTC added more than 7% to its value over the last 24 hours and traded above the $66k level.
At press time, Bitcoin’s price stands at $65,970 per coin. The positive performance comes thanks to the softer inflation report in the United States. The Consumer Price Index (CPI) rose 0.3% in April versus 0.4% in March and economists forecasts of 0.4%. On a year-over-year basis, CPI was higher by 3.4% versus estimates for 3.4% and 3.5% in March.
The softer inflation report sparked a bullish rally in the crypto market, marking the first decrease in CPI inflation over the last three months.
Altcoins are also trading in the green, up by more than 10% in the last 24 hours. Ether is trading above $3k again after adding 4% to its value. Solana is up by 12%, outperforming the other cryptocurrencies in the top 10 list and now trades at $161 per coin.
NEAR is also up by 15% in the last 24 hours and now occupies the 16th place in the market after overtaking Chainlink. Fantom’s FTM is the best performer amongst the top 100 cryptocurrencies by market cap, up by 25%. The total cryptocurrency market cap is up by 5% and now stands at $2.38 trillion.
