Today, the prices of top cryptocurrencies went down. Bitcoin's price dropped below $62,000, while Ethereum struggled to stay above $2,900. Other major altcoins like Solana, XRP, and Cardano also experienced significant declines.

Bitcoin's price fell by 0.95%, reaching $61,909.06, with a trading volume decrease of 5.31% to $26.27 billion in the last 24 hours. Its market capitalization stood at $1.21 trillion. Meanwhile, Ethereum's price dipped 1.12% to $2,905.97, with a market valuation of $346.58 billion, and its trading volume fell by 1.14% to $12.09 billion.

Solana's price dropped 2.68% to $143.90, distancing itself from the $150 level, although its trade volume increased by 6.75% to $2.47 billion. XRP's price recorded a 0.89% drop to $0.502, but its trading volume increased by 25.49% to $1.06 billion. Cardano's price decreased by 1.81% to $0.4289, with a 19.33% slump in its 24-hour trading volume to $290.99 million.

Dogecoin's price plunged 3.04% to $0.1464, while Shiba Inu's price tumbled 2.20% to $0.00002305. Among the top gainers, Pepe Coin soared 7.47% to $0.00001092, Arweave rallied 4.01% to $40.93, Wormhole rose 3.22% to $0.354, and Floki surged 1.22% to $0.000196.

On the other hand, top losers included Render, Chainlink, Near Protocol, Hedera, Monero, Sui, and Injective. The decline in the cryptocurrency market might be linked to the release of the hot PPI data on May 14, indicating a 0.5% surge in the U.S. PPI for April, which exceeded market estimates.