The crypto prices today noted significant gains, as the investors seem to have lauded the latest economic data. The U.S. Consumer Price Index and Producer Price Index, two important data to gauge inflation, have been released this week, which have fuelled confidence of the investors.
The latest data showed that the U.S. inflation cooled in October, suggesting that the Federal Reserve may consider a dovish stance with their policy rate hike plans at their upcoming gatherings. Notably, the U.S. CPI has come in at 3.2%, as compared to the market anticipation of 3.3%, while the U.S. PPI rose 1.3% in October, as compared to a 2.2% surge in the prior month. Also, the U.S. PPI data was down from the market estimates of 1.9%.
Among the crypto prices, Bitcoin price noted gains of 5.57% to $37,480.51, with a 21.93% rise in its past 24-hour trading volume to $28.24 billion. Over the last 30 days, BTC has added around 37%, indicating the growing confidence of the investors towards the crypto.
In addition, the Ethereum price rose 3.92% to $2,055.03 on November 16, while its trading volume over the last 24 hours ticked up 2.05% to $12.85 billion. Simultaneously, the BNB price jumped 2.98% to $252.61, with a 1.87% volume increase to $920.7 million.
Talking about the other major cryptos, the XRP price saw 3.63% increase to $0.6518 over the last 24 hours, with a 30.82% volume decline to $1.45 billion. Meanwhile, the Solana price advanced 15.33% to $65.48 during writing, and the Cardano price rose 7.18% to $0.3825.
In the meme coin segment, the largest meme coin by market cap, the Dogecoin price added 5.32% to trade at $0.07671, while its trading volume fell 18.96% to $536.52 million. Simultaneously, the Shiba Inu price added 4.53% to $0.000008766 as of writing, and its trading volume dipped 8.16% to $166.55 million.
The gains in the crypto prices have bolstered gains in the broader market on Thursday. Notably, the overall crypto market cap increased by 4.90% to $1.43 trillion, with an 8.96% volume increase to $68.91 billion on November 16. The market fear and greed index stood at 77, indicating a “greed” or bullish sentiment among the investors.
The Top 4 Cryptos For Today Are
Pepe Coin (PEPE) Soars 9%
The popular meme coin, Pepe Coin price has also followed the upward trend in the broader market and has added 8.91% to trade at $0.000001259 during writing on Thursday. Its trading volume over the last 24 hours rose 38.40% to $149.60 million. Meanwhile, the crypto’s price jumped over 86% over the last 30 days.
Render (RNDR) Adds 33%
The Render crypto was among the top percentage gainers in the crypto market today, gaining attention from traders. The Render price jumped 32.99% to $2.98 during writing, while its one-day trading volume skyrocketed 321.53% to $331.15 million at the same time. Meanwhile, the crypto’s recent price gains come after the Render Network’s move to another network. Renowned for its GPU rendering services, the network shifted from Ethereum to Solana, leveraging Solana’s tech advancements and lower transaction costs.
Avalanche (AVAX) Jumps 26%
The Avalanche crypto was another top percentage gainer in the crypto market on November 16. The Avalanche price soared 26.49% over the last 24 hours and traded at $22.70 during writing, while its trading volume rocketed 107.81% to $1.76 billion at the same time. Notably, Avalanche (AVAX) stood out in the crypto market on Thursday, recording double-digit gains in 24 hours amid news of Citi partnering with AvaCloud to test forex trade execution.
Kaspa (KAS) Gains 25%
The Kaspa price noted gains of 25.29% to trade at $0.1198 during writing on Thursday, while its volume over the last 24 hours rocketed 166.9% to $161.12 million. The crypto’s price has been witnessing an upward trend lately, as evidenced by a surge of over 43% in its price over the last seven days.