Crypto Prices Rise on Positive Inflation Data
Release: 2023/11/16 17:30 Reading: 749
On Thursday, November 16, cryptocurrency prices experienced an upward trend. Recent developments in the market have had a positive impact on prices. Two important data used in inflation calculation in the US, the Consumer Price Index (CPI) and the Producer Price Index (PPI), performed better than expected this week, increasing investors’ confidence.
Current Situation in Cryptocurrencies
According to the most recent market data, there has been a decrease in inflation in the United States during the month of October. This has led to speculation that the Federal Reserve might take a different approach in their upcoming meeting.
It is interesting to note that the US Consumer Price Index (CPI) surpassed market expectations, showing a positive figure of 3.2% instead of the anticipated 3.3%. Conversely, the US Producer Price Index (PPI) experienced a continued rise, increasing by 1.3% following a 2.2% increase in comparison to the previous month's data. Nevertheless, the US PPI data fell short of market estimates, which projected a 1.9% increase.
Looking at cryptocurrency prices, Bitcoin saw a 5.57% increase and traded at $37,480.51. The 24-hour trading volume increased by 21.93% and reached $28.24 billion. BTC gained approximately 37% in the last 30 days, indicating an increase in investor confidence in cryptocurrency.
Ethereum, the top altcoin, experienced a 3.92% increase, reaching $2,055.03. It also saw a 24-hour trading volume of $12.85 billion, marking a 2.05% rise. Conversely, BNB, like other cryptocurrencies, saw an increase of 2.98% and reached $255.61.
Speaking of other leading altcoins in the market, XRP gained 3.63% in the last 24 hours and was trading at $0.6518.
Solana, the star of recent times, continued to please investors and traded at $66.48 after a 15.33% increase. The price of Cardano (ADA) reached $0.3975.
In the realm of memecoins, Dogecoin experienced a 5.32% surge, reaching a trading value of $0.07671. Its main competitor, Shiba Inu, also witnessed a 4.53% increase, reaching $0.000008766, as it continued to track Dogecoin's movements.
Top Gaining Altcoins
Pepe Coin, which is considered a competitor to Doge and SHIB, also experienced a surge in value, rising by 8.91% to reach $0.000001259.
Investors took notice of Render today as it emerged as one of the top performers in the cryptocurrency market. Render's price surged by 32.99% to reach $2.98, indicating significant gains. Additionally, the daily trading volume for Render experienced a remarkable increase of 321.53%, soaring to $331.15 million.
AVAX, a favorite among Turkish investors, found its place among the top gainers in the market as of November 16. Avalanche saw a 26.49% increase in the last 24 hours and was priced at $23.60. The trading volume exceeded $1 billion, reaching $1.76 billion. Lastly, Kaspa was trading at $0.1198, an increase of 25.29%.
Recent news
More>- PEPE Price Set to Explode 60%, Whale Acquires 310 Billion Tokens 11-22
- Coinbase Hopes To List More Meme Coins During Trump Presidency: Bloomberg 11-22
- Floki Inu (FLOKI) Secures Coinbase Listing, Sparks Market Surge 11-22
- Top 5 Crypto Presales to Watch in Early 2025: Potential Game Changers 11-22
- Is It Too Late To Buy CHILLGUY? Chill Guy Price Surges 13% And This Might Be The Next Crypto To Explode 11-22
- Crazy Biden (CRAZBIDE) Solana Memecoin to Explode Over 19,000% Before Exchange Listing, While Shiba Inu and Dogecoin Lag 11-22
- Crazy Biden (CRAZBIDE) Memecoin Will Explode Over 19,000% Before Exchange Listings, While Shiba Inu and Dogecoin Lag 11-22
- 5 Memecoins Poised for Gains Under Trump’s Crypto-Friendly Agenda 11-22
- Must-Buy Altcoins for Massive Gains Ahead of Bitcoin’s $100K Surge! 11-22
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Top 4 Altcoins At 70% Discounts – Last Chance!
- 8 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
- 9 Top Analyst Who Predicted Dogecoin (DOGE) Last 170x Rally Forecasts New Parabolic Rise, Here’s His Price Target
- 10 New Solana Memecoin Trump Loves Elon to Rally 15,000% Before Exchange Listing, SHIB and Bonk Crash
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com