Cryptocurrency Price Today: Bitcoin Recovers Well, Rises Above $65,000. Memecoin FLOKI Becomes Top Gainer
Cryptocurrency price on May 16 quick take: The global market cap rose to $2.39 trillion.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, manages to recover after days as it climbs above $65,000 mark early Thursday. The favourable US inflation data announced last night helped the rally. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the greens sacross the board as the overall Market Fear & Greed Index stood at 61 (Neutral) out of 100, as per CoinMarketCap data. Memecoin FLOKI emerged as the biggest gainer of the lot, with a 24-hour jump of nearly 11 percent. Sam Altman’s Worldcoin (WLD) became the biggest loser, with a 24-hour dip of nearly 10 percent.
The global crypto market cap stood at $2.39 trillion at the time of writing, registering a 24-hour gain of 5.77 percent.
Bitcoin (BTC) Price Today
Bitcoin price stood at $65,932.77, registering a 24-hour gain of 6.51 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 57.25 lakh.
Ethereum (ETH) Price Today
ETH price stood at $3,011.51, marking a 24-hour gain of 3.82 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 2.62 lakh.
Dogecoin (DOGE) Price Today
DOGE registered a 24-hour jump of 7.76 percent, as per CoinMarketCap data, currently priced at $0.157. As per WazirX, Dogecoin price in India stood at Rs 13.40.
Litecoin (LTC) Price Today
Litecoin saw a 24-hour gain of 4.55 percent. At the time of writing, it was trading at $82.60. LTC price in India stood at Rs 7,105.49.
Ripple (XRP) Price Today
XRP price stood at $0.5186, seeing a 24-hour jump of 3.40 percent. As per WazirX, Ripple price stood at Rs 45.10.
Solana (SOL) Price Today
Solana price stood at $163.04, marking a 24-hour gain of 13.46 percent. As per WazirX, SOL price in India stood at Rs 13,750.
Top Crypto Gainers Today (May 16)
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Floki (FLOKI)
Price: $0.0002158
24-hour gain: 10.77 percent
Pepe (PEPE)
Price: $0.00001141
24-hour gain: 6.10 percent
Arweave (AR)
Price: $41.22
24-hour gain: 4.90 percent
Wormhole (W)
Price: $0.5436
24-hour gain: 2.88 percent
THORChain (RUNE)
Price: $5.65
24-hour gain: 1.75 percent
Top Crypto Losers Today (May 16)
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Worldcoin (WLD)
Price: $4.79
24-hour gain: 9.30 percent
Ethena (ENA)
Price: $0.7021
24-hour gain: 6.98 percent
Celestia (TIA)
Price: $8.19
24-hour gain: 6.77 percent
dogwifhat (WIF)
Price: $2.92
24-hour gain: 5.98 percent
NEAR Protocol (NEAR)
Price: $6.97
24-hour gain: 4.91 percent
What Crypto Exchanges Are Saying About Current Market Scenario
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin rose above the $66,000 level in the past 24 hours following softer-than-expected US inflation data. This has increased investor sentiment expecting potential rate cuts. The surge indicates that bulls have absorbed the supply. If bulls can sustain above the current level, the next resistance is set at the $67,100 and the support lies at the $65,800. On the other hand, Ethereum has also surged above the $3,000 level. Overall, there is a positive sentiment in the market with a rise in global market cap by 6% over the past day.”
CoinSwitch Markets Desk noted, “BTC had a massive green day yesterday, registering the highest one-day gains after almost two months. This spike was primarily due to the trigger from the US CPI data as the inflation numbers though came as expected, but were lower last time and fueled expectations in the eyes of the participants that an early Fed Rate Cut might be more probable now than before. One of the biggest gainers in the top 100 remained Fantom’s FTM as the layer 1 blockchain’s sonic upgrade came closer to their claims to improve their transaction speeds by a factor of 10. The network will remain an EVM compatible chain, competing with the likes of AVAX now.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin (BTC) surged 7.54% in 24 hours, hitting over $65,000 as favourable US inflation data buoyed investor sentiment. Peaking at $66,442.31, BTC marked an 8.3% climb, its highest since April 24. The rally reflects renewed confidence in the crypto amid macroeconomic indicators. Altcoins are on an upward trend following Bitcoin's surge. Optimism prevails as ETF inflow data promises market clarity soon. TRX trades at $0.125, nearing the $0.127 resistance. A breach could drive it to $0.13, then $0.144. Conversely, a dip below $0.121 may lead to $0.116. Whales amassed over $160 million TRX last month, boosting reserves to year-high levels. $142 million TRX awaits gains in the $0.123-$0.127 range, potentially alleviating selling pressure as investors eye higher profits.”
Shivam Thakral, CEO of BuyUcoin, said, “The latest CPI data showed that inflation in April showed signs of cooling down. The news had an immediate impact on financial markets including digital assets with Bitcoin surging to the $66,000 mark. The current rally has opened the doors for a larger crypto rally with the possibility of BTC touching the $84,000 mark, as per Swissblock. Bitcoin broke the downward trend and broke the immediate resistance level of $65,000, signalling a larger rally in the coming weeks across digital assets.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “Bitcoin rose 7.50% to $66,350 after the release of US inflation data. The Consumer Price Index (CPI) rose 0.3% in April, suggesting cooling inflation and increasing expectations of a possible Federal Reserve interest rate cut in September. This dovish outlook has weakened the dollar and strengthened bitcoin as investors seek alternative assets. Technically, 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 indecisiveness. Key levels to watch are support at $65,150 and $63,300, with resistance at $67,300 and $68,545. A break below $65,150 could trigger a bearish correction.”
CoinDCX Research Team told ABP Live, “In the last 24 hours, the crypto market saw a huge upside move as U.S. CPI came in lower than expected. BTC reached $66,000 and ETH $3,000, with alts jumping by 10-20%. Bitcoin dominance also continued to rise, indicating that BTC is leading the market share. Technically, this is a relief after many days of choppy price action and sideways movement. BTC now needs to hold this level and continue upwards towards the range high at $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 loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
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