Top Altcoins To Buy Now As US CPI Data Boosts Crypto Market Recovery
The values of May’s CPI (Consumer Price Index) data rejuvenated the crypto market this week, suggesting potential buying opportunities for altcoins.
May CPI Data and the Federal Reserve’s Decision
The Federal Reserve released May’s CPI data on Wednesday and its values came in less than projected. The headline CPI annual rate for May was projected to be 3.4% which was also the recorded value in April, but the recorded value for May was 3.3%. The core CPI annual rate for May also fell 0.1% below the anticipated 3.5%, which is 0.2% lower than April’s 3.6%. In response to the release, the Federal Reserve announced that there would be only one rate cut this year.
The CPI data and announcement from the Federal Reserve are good news for many crypto enthusiasts. From investors to crypto holders who use their coins for online shopping, gaming, gambling at a BTC casino site, or to fund travel, this news may mean positive changes in the market ahead. For example, gamblers might find their crypto increases in value, making their winnings worth more than they expected. Likewise, those shopping with BTC will get more for their money should the coin’s price increase again.
Relevance of CPI Data to the Crypto Market
Drops in CPI indicate a reduction in the rate of inflation of goods and services and often lead to favorable decisions from the government. Softer CPI values favor rate cuts while higher values often lead to rate hikes, so many industries are quite pleased with May CPI values. April’s CPI data came in lower than anticipated, and it fueled suspense among many since the Federal Reserve indicated last month that there may be rate cuts later in the year.
Although it is not a traditional commodity or legal tender, the crypto market is also affected by CPI results. The changes in interest rates also affect crypto investment and exchange, so the industry also hopes for better CPI values. There was an immediate surge in Bitcoin’s price following the release of April and May’s CPI results. The data release propelled Bitcoin from $67k to $69k during the US trading hours on Wednesday, but it soon dropped back to $67k following the Fed’s announcement on rate cuts.
Top Altcoins to Buy Now
Whether to use for shopping online, at the best online casinos, or for investment purposes, these are the best altcoins to have in your portfolio:
Cardano (ADA)
Cardano is a 3rd-generation high-potential cryptocurrency looking to return to its all-time high. Cardano also spiked on Wednesday like most cryptocurrencies, however its current market trend shows it is in a descending triangle. There might be a good buying opportunity for Cardano if it manages to break its downward slope, so it should be on your watch list.
Ethereum (ETH)
Ethereum is the second largest cryptocurrency in the world by market capital working on a unique blockchain network. Besides the general positive bias that stems from softer CPI, the technical analysis of ETH’s price action shows an impending rise in its value.
Notcoin (NOT)
Notcoin is a cryptocurrency on TON (The Open Network), a blockchain network built on the Telegram community. Telegram is such an advanced crypto space making it fertile soil for tokens to grow. Notcoin’s popular demand and $1.6 billion market capital are also convincing reasons that it may be a lucrative investment.