May 15, 2024 4:24 PM | 2 min read
Cryptocurrency markets are trading higher following positive news from the latest consumer price inflation data.
What Happened: Major cryptocurrencies are trading higher at the time of writing:
Prices as of 4 p.m. Eastern Time:
| Cryptocurrency | Price | Gains +/- |
| Bitcoin (CRYPTO: BTC) | $65,883.69 | +7% |
| Ethereum (CRYPTO: ETH) | $3,020.12 | +4.4% |
| Solana (CRYPTO: SOL) | $155.14 | +8% |
| Dogecoin (CRYPTO: DOGE) | $0.154 | +5.1% |
| Shiba Inu (CRYPTO: SHIB) | $0.00002428 | +3.8% |
Notable Statistics:
- Despite Bitcoin spiking, IntoTheBlock data shows a fall of 10.4% and 6% in large transaction volume and daily active addresses. Holders making a profit at current levels rose to 92% from 90% in a single day.
- Coinglass data notes Bitcoin’s total short liquidations increasing to $38.9 million, the highest since March 3. Open interest surged 8.6% to $32.1 billion.
- Andrew Tate claimed putting $100 million in Bitcoin and exiting fiat completely.
Notable Developments:
Top Gainers:
| Cryptocurrency | Price | Gains +/- |
| Sei (CRYPTO: SEI) | $0.5428 | +18.9% |
| Immutable (CRYPTO: IMX) | $2.42 | +18.5% |
| Beam (CRYPTO: BEAM) | $0.02478 | +16% |
Also Read: This Trader Sees A ‘Barbell Portfolio Of BTC And Memes’ As Most Profitable Trading Strategy
Analyst Notes: Crypto and stock trader Jelle noted that Bitcoin should hold $65,000 for support and “I could see this playing out completely.”
Part-time researcher Bitcoin Ape tweeted an inverse head and shoulders pattern on Bitcoin’s four-hour chart, saying this points to “imminent bullish price action.”
Another full-time trader, Scient, is optimisticabout Bitcoin, noting the consolidation above $65,500 as a key level and for fresh entries. He awaits price action to develop some support above the $65,500 zone and “not FOMO here.”
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Veteran Trader DonAlt Signals Potential ‘Cycle Top’, Says ‘It’s Over For Memes’
Image: Shutterstock
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