A dovish CPI print on Wednesday seems to have kickstarted the second leg of the crypto bull market.
The Bitcoin value reached a Could excessive of $66,500 in the course of the Asian buying and selling hours on Thursday. In the meantime, the Ethereum value traded as excessive as $3,040, reflecting the bullish stance of large-cap altcoins.
AI cryptocurrencies reminiscent of Close to Protocol, The Graph and meme coins reminiscent of Shiba Inu and Ebook of Memes had been amongst a number of the greatest crypto gainers at present.
New meme cash reminiscent of WienerAI and Dogeverse are additionally in excessive demand because the cooling CPI inflation is leading to a better diploma of risk-taking.
Bitcoin, Ethereum Rally – Is The Bull Market Again On?
Wednesday’s CPI emerged as a significant win for the bullish buyers, with near $50 million in brief positions being liquidated over the previous 24 hours.
Fed Chair Jerome Powell already adopted a dovish stance throughout his FOMC speech earlier this month. Now with the MoM headline CPI beating the consensus and core CPI cooling down for the primary time in six months, the excitement relating to rate of interest cuts is again out there.
Whereas the CME FedWatch device continues to be solely pricing in 2 price cuts in 2024, analysts imagine that the dovish shift within the Fed’s stance is sufficient for a “blow-off high for shares and crypto.”
CPI falls to three.4%.
15m chart exhibits some path. SP500 near printing new ATH.
Fee cuts in 2024 are nonetheless looming.
Earlier than that, blow-off high for shares and crypto. (expectation) pic.twitter.com/RfAr0VgOKr
— Gert van Lagen (@GertvanLagen) May 15, 2024
Crypto costs have certainly breached essential resistance ranges, signalling that the second leg of the bull market could now be underway.
As an illustration, BTC is now buying and selling above the essential $64,400 degree. A each day shut above it might lead to a run in direction of a brand new all-time excessive.
I’m in above $64,400 now. Bulls mission is to carry above at present pic.twitter.com/2FmQ6ZH755
— Crypto Tony (@CryptoTony__) May 16, 2024
The Ethereum value has additionally shaped a bullish cup and deal with situation. A weekly shut above the breakout degree has a staggering value goal of $10,000 in the long run.
New Meme Cash In Excessive Demand, May Dogeverse and WienerAI Ship 100x Returns?
Reducing macroeconomic danger usually ends in whales partaking in a excessive diploma of danger taking, a decidedly bullish final result for the meme cash.
Proper on cue, tokens reminiscent of Shiba Inu and Ebook of Memes are rallying, with the latter up by 20% at present.
New meme cash reminiscent of WienerAI are additionally displaying power. $WAI is rapidly nearing the $2 million mark in its presale, with specialists signalling it to probably be the following 100x meme coin.
Other than WienerAI’s memeable mascot – an element sausage, half canine hybrid – the meme coin additionally affords essential real-world utility.
The WienerAI buying and selling bot is a key side of the token’s model worth. It affords priceless insights into the crypto market, allows seamless swaps and affords MEV safety. Moreover, the $WAI staking protocol is providing excessive annualized yields, at present above 500%.
Meme cash with real-world utility are at all times in excessive demand. One other instance is the multichain meme token Dogeverse, which is the primary meme coin to launch on 6 totally different blockchains. The chains embody Ethereum, Base, Solana, Polygon, Avalanche and BNB Chain.
Dogeverse has at present raised over $15 million in its presale on the expectation that it’s going to launch on each fashionable DEX and CEX in every of the 6 blockchain ecosystems.
Much like WienerAI, Dogeverse is being seen by specialists as probably the following 100x meme coin.
