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On Thursday, November 16, cryptocurrency prices experienced an upward trend. Recent developments in the market have had a positive impact on prices. Two important data used in inflation calculation in the US, the Consumer Price Index (CPI) and the Producer Price Index (PPI), performed better than expected this week, increasing investors’ confidence.
Current Situation in Cryptocurrencies
The latest data from the market indicates a decline in inflation in the US in October. As a result, rumors suggest that the Federal Reserve may adopt a different stance in the upcoming meeting.
Interestingly, the US CPI exceeded market expectations with a positive figure of 3.2% instead of the expected 3.3%. The US PPI, on the other hand, recorded a further increase of 1.3% after a 2.2% increase compared to the previous month’s data. However, the US PPI data fell compared to market estimates of 1.9%.
Looking at cryptocurrency prices, Bitcoin saw a 5.57% increase and traded at $37,480.51. The 24-hour trading volume increased by 21.93% and reached $28.24 billion. BTC gained approximately 37% in the last 30 days, indicating an increase in investor confidence in cryptocurrency.
Ethereum, the leader among altcoins, rose by 3.92% to $2,055.03, with a 24-hour trading volume of $12.85 billion, a 2.05% increase. The price of BNB, on the other hand, followed the rest of the market and increased by 2.98% to $255.61.
Speaking of other leading altcoins in the market, XRP gained 3.63% in the last 24 hours and was trading at $0.6518.
Solana, the star of recent times, continued to please investors and traded at $66.48 after a 15.33% increase. The price of Cardano (ADA) reached $0.3975.
When it comes to memecoins, Dogecoin saw a 5.32% increase and traded at $0.07671. Shiba Inu, its biggest rival, also saw a 4.53% increase and reached $0.000008766, continuing to follow Dogecoin.
Top Gaining Altcoins
Pepe Coin, the rival of Doge and SHIB, also followed the upward trend and increased by 8.91% to $0.000001259.
Render caught the attention of investors today as one of the top gainers in the crypto market. The price of Render was trading at $2.98, an increase of 32.99%. More importantly, the daily trading volume increased by 321.53% to $331.15 million.
AVAX, a favorite among Turkish investors, found its place among the top gainers in the market as of November 16. Avalanche saw a 26.49% increase in the last 24 hours and was priced at $23.60. The trading volume exceeded $1 billion, reaching $1.76 billion. Lastly, Kaspa was trading at $0.1198, an increase of 25.29%.
