Altcoin
Bitcoin and Altcoin Prices Rise as CPI Report Shows US Inflation Drops to 3.4% – Best AI Cryptocurrencies to Buy Now
Today’s CPI report continues an 11-week trend of data coming in above 3%, leaving traders skeptical about the possibility of the figure falling below that number anytime soon. However, the report revealed inflation rate slightly lower than expected at 3.4%.
In response, the price of Bitcoin has reacted positively, currently trading well above $64,000, up nearly 5% today. In particular, AI-powered cryptocurrencies have seen even bigger gains, with RNDR and NEAR prices rising by around 10% today.
Why is the CPI ratio positive for Bitcoin and Altcoin prices? AI Coin Pump
The drop in the US CPI to 3.4% in April, in line with economists’ expectations, is seen as positive news for risky assets such as stocks and cryptocurrencies. According to Richard Fetyko, CEO of altFINS, this development suggests that the Fed may reevaluate interest rate cuts this year, as inflation appears to be showing a downward trend.
The Cleveland Fed’s inflation nowcast had forecast 3.5% for April, a better-than-expected result. All in all, he believes this is good news for assets like cryptocurrencies.
The US CPI fell to 3.4% in April, in line with economists’ expectations. This compares with a 3.5% annual increase in the United States #CPI in March 2024.
This is good news for risky assets like stocks and cryptocurrencies as it indicates that the #Powered could reevaluate interest rate cuts this year, as it seems…
— Richard Fetyko, CEO of altFINS (@FetykoRichard) May 15, 2024
Daan Crypto Trades, an analyst with nearly 400,000 followers on X, noted that the AI sector is rebounding stronger during this move. He noted that although the memes were the weakest this time, it could simply be low temporal noise or a natural market correction.
Alternatively, this could be explained by the fact that other coins were shorted more, causing a more explosive reaction during the upward movement after the CPI report.
The AI sector bounces harder on this move.
The memes are the weakest this time.
Just noise of reduced times or healing of nature?
It could also be easily explained that other coins were shorted more, thus reacting more explosively during this post-CPI rally. pic.twitter.com/HyeSB8EmFE
— Daan Crypto Trades (@DaanCrypto) May 15, 2024
In fact, the Near Protocol (NEAR) the price increased by 9% today, trading around $7.59, while Rendering (RNDR) the price increased by 8%, trading around $10.83. This positive momentum raises the question of whether the AI cryptocurrency sector is poised for a boom following the favorable CPI news.
The integration of AI technologies into blockchain projects could potentially drive growth in this sector, as it appears that the cryptocurrency market recognizes the transformative potential of these innovations.
The best artificial intelligence (AI) cryptocurrencies to invest in now
Traders will now be on the lookout for the best AI cryptocurrencies to buy, capitalizing on the positive sentiment surrounding the sector following the CPI report news. An attention-grabbing project is WienerAI (WAI)a new AI meme coin highlighted by crypto analyst Michael Wrubelwho has over 312,000 subscribers on YouTube.
Wrubel praised WienerAI’s robust staking options, noting that over 79% of total tokens have been staked, offering a high annual return of 522%, which represents a potentially significant attraction for investors. The project has already raised over $1.8 million in pre-sales in its first few weeks, combining the appeal of artificial intelligence and meme coins.
Another AI crypto coin with potential is 5th Scape (5SCAPE)aiming to build an integrated AR and VR gaming ecosystem, complete with hardware like VR glasses.
The project successfully raised $5.9 million in pre-sales, with a soft-cap set at $15 million. Rapid growth, combined with a comprehensive KYC and audit process, positions 5th Scape as a platform that connects diverse virtual experiences, from games to educational tools, thus broadly appealing to both players and developers.
Conclusion
The recent CPI report, indicating a lower-than-expected inflation rate of 3.4%, has injected optimism into the cryptocurrency market today. The prices of Bitcoin and altcoins, especially those considered AI cryptocurrencies, have seen notable price increases.
As traders try to identify the best artificial intelligence (AI)-based cryptocurrencies to buy now, projects like WienerAI and 5scape are gaining attention for their offerings and strong presale performance. The market reaction suggests that AI-powered cryptocurrencies may be well positioned for growth as cryptocurrency investors prepare for the next pump in this bull run.