Inflation in the US is cooling down when the CPI report showed a decrease to 6% in February from 6.4% in the previous month. The Fed’s “hawkish” rate hikes seem to be working, but achieving a normal 2% rate is still a long way off.
Cryptocurrency markets rallied this week after bank stocks took a big hit, as Banks Silicon Valley is facing an insolvency crisis and the Bank Signature close the door. In this article, there are the top 3 cryptocurrencies to watch out for after the latest CPI data.
Bitcoin (BTC)
Bitcoin took the lead this week, hitting the $26,000 mark for the first time in 2023. While the majority of investors predicted BTC could rally after the banking crisis, the crypto king outlined on the way to new yearly highs.
BTC price has rallied for three days in a row and another rally could take it to $27,000. A recent price prediction claims that BTC could reach $30,000 if the market maintains positive momentum.
Ethereum (ETH)
Ethereum is bullish as Bitcoin drags the entire crypto market up with it. ETH is looking to break the $1,800 resistance and if it can be broken through, the next target could be $2,000.
The market’s second largest cryptocurrency is currently volatile, giving traders plenty of opportunity to decide when to jump ship. The market may not stay in the green for too long and the current volatility is the best way to make a quick profit.
Ripple (XRP)
Ripple’s native token rose from $0.34 to $0.37 this week and is looking to climb above the $0.40 resistance. Ripple community has attend guess that XRP could rally further this month to hit a high of $0.41 – a nearly 12% increase from its current price of $0.37. The overall positive sentiment in the market could lead the top cryptocurrencies to their desired targets.
See also: $260 million of Shorts liquidated after Bitcoin hit $26,000
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