Crypto Prices Today: Market Rallies As BTC, Pepe Coin, RNDR Surge
Release: 2023/11/16 16:45 Reading: 942
Today, the prices of cryptocurrencies experienced notable increases, as investors expressed their approval of the latest economic data. This week, crucial indicators of inflation, namely the U.S. Consumer Price Index and Producer Price Index, were made available, further strengthening investor confidence.
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 a 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.
On Thursday, the surge in crypto prices led to a boost in the broader market. It is worth noting that the crypto market cap rose by 4.90% to reach $1.43 trillion while the trading volume increased by 8.96% to $68.91 billion on November 16. The market's fear and greed index was at 77, indicating a bullish sentiment or "greed" among investors.
Also Read: BTC Price Shoots to $38,000 Despite the SEC Delaying Spot Bitcoin ETF Approval
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 cryptocurrency experienced significant growth in the crypto market today, attracting the interest of traders. Its price surged by 32.99% to $2.98, and its trading volume for the day increased by an impressive 321.53% to $331.15 million. These price gains followed the decision of the Render Network to transition from Ethereum to Solana. The network, known for its exceptional GPU rendering services, chose Solana due to its technological advancements and more affordable transaction fees.
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 experienced a significant increase of 25.29% and reached $0.1198 on Thursday. Additionally, the trading volume of this cryptocurrency surged by 166.9% over the past 24 hours, reaching $161.12 million. Recent trends show a consistent upward movement in the price of Kaspa, with a remarkable surge of over 43% in the last seven days.
Also Read: Microsoft Rebrands Bing Chat to Copilot to Take on ChatGPT
The post Crypto Prices Today: Market Rallies As BTC, Pepe Coin, RNDR Surge appeared first on CoinGape.
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