“`Bitcoin
- Bitcoin’s price surged from $61,500 to over $66,500, possibly driven by the release of US CPI data.
- Shiba Inu saw a 9% price increase, with analysts predicting further gains of up to 50% based on technical patterns.
- PEPE achieved a new all-time high on May 15, becoming the third-largest meme coin by market cap, with all holders realizing paper profits at one point.
Crypto markets react positively to economic indicators and technical patterns, signaling potential investment opportunities.
BTC Resurgence
After trading sideways in the past several days, the price of the primary cryptocurrency has once again headed north on May 15. It soared from $61,500 to over $66,500 in a matter of hours, currently standing at approximately $66,000 (per CoinGecko’s data).
Impact of US CPI Data on Bitcoin
The uptick occurred shortly after the latest Consumer Price Index (CPI) data was released by the US Bureau of Labor Statistics. It showed that the inflation rate in the world’s largest economy clocked in at 3.4%, meeting previous expectations. The Federal Reserve’s goal is to decrease the annual inflation to 2%. As such, it implemented multiple measures in the past few years, including rate hikes. America’s central bank hinted at a pivot sometime this year which is seen by many industry participants as a bullish factor for Bitcoin and the entire industry. After all, lowering interest rates makes money borrowing easier, possibly sparking more interest in riskier assets such as cryptocurrencies.
SHIB Forecasts
The popular meme coin has also experienced a substantial uptick, with its price soaring by 9% on a 24-hour scale. Several analysts, such as the X users Ali Martinez and Dami-Defi, believe SHIB is yet to witness a bull run. The former envisioned a 20% surge should it break “the upper boundary of this descending parallel channel at $0.00002444.” Dami-Defi was even more bullish, predicting a 50% increase based on “a falling wedge pattern on the 1D time frame.” They also suggested that the entire meme coin sector will continue to flourish in the following months.
PEPE’s Success
The frog-themed meme coin has outperformed many of the leading cryptocurrencies in the last few days, registering a double-digit price spike. As CryptoPotato reported, it hit a new all-time high on May 15, whereas its market capitalization neared a whopping $5 billion. PEPE’s price slightly retraced in the past several hours, but it remains the third-biggest asset in the meme coin cohort. The forth-largest – dogwifhat (WIF) – trails behind with a market cap of approximately $3 billion. Somewhat expectedly, PEPE’s latest revival has benefited investors. According to IntoTheBlock, 100% of the coin’s holders stood at paper profits on May 14.
Conclusion
This week’s cryptocurrency market movements highlight the sensitivity of digital assets to macroeconomic indicators and the ongoing potential for meme coins to capture significant market attention and investment.
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