Home Bitcoin and Altcoins Prices Pump as CPI Report Shows US Inflation Falls to 3.4% – Best AI Cryptocurrencies to Buy Now

Bitcoin and Altcoins Prices Pump as CPI Report Shows US Inflation Falls to 3.4% – Best AI Cryptocurrencies to Buy Now

Today’s CPI report has continued an 11-week trend of data arriving above 3%, leaving traders skeptical about the possibility of the figure falling below that number anytime soon. However, the report revealed slightly lower-than-expected inflation rate of 3.4%.

In response, the Bitcoin price reacted positively, currently trading well above $64,000, up nearly 5% today. Notably, AI cryptocurrencies experienced even more gains, with RNDR and NEAR prices surging around 10% today.

Why CPI Report is Positive for Bitcoin and Altcoins Prices? AI Coins Pump

The fall in the US CPI to 3.4% in April, in line with economists’ expectations, is viewed as positive news for risky assets like equities and cryptocurrencies. According to Richard Fetyko, CEO of altFINS, this development suggests that the Fed may reassess interest rate cuts this year, as inflation appears to be showing a falling tendency.

The Cleveland Fed’s inflation nowcasting had forecasted 3.5% for April, which turned out better than anticipated. All in all, he believes this is good news for assets like crypto.

Daan Crypto Trades, an analyst with nearly 400k followers on X, observed that the AI sector was bouncing strongest on this move. He noted that while memes were the weakest this time, it could simply be low timeframe noise or a natural market correction.

Alternatively, it could be explained by other coins being shorted more, resulting in a more explosive reaction during the upward move after the CPI report.

Indeed, the Near Protocol (NEAR) price is up 9% today, trading around $7.59, while Render (RNDR) price has surged 8%, trading around $10.83. This positive momentum raises the question of whether the AI crypto sector is poised for a boom following the favorable CPI news.

Source: CoinMarketCap/AI

The integration of AI technologies into blockchain projects could potentially drive growth in this sector, as it looks the crypto market recognizes the transformative potential of these innovations.

Top Artificial Intelligence (AI) Cryptos to Invest In Now

Traders will now be on the lookout for the best AI cryptocurrencies to buy, capitalizing on the positive sentiment surrounding the sector following the CPI report news. One project garnering attention is WienerAI (WAI), a new AI meme coin highlighted by crypto analyst Michael Wrubel, who has over 312k subscribers on YouTube.

Wrubel praised WienerAI’s robust staking options, noting that over 79% of the total tokens have been staked, offering a high annual return of 522%, which is a potentially significant draw for investors. The project has already raised over $1.8 million in its presale within the first few weeks, combining the appeal of AI and meme coins.

Another AI crypto coin with potential is 5th Scape (5SCAPE), aiming to build an integrated AR and VR gaming ecosystem, complete with hardware like VR glasses.

The project has successfully raised $5.9 million in its presale, with a soft-cap set at $15 million. The rapid growth, combined with a comprehensive KYC and audit process, positions 5th Scape as a platform that connects diverse virtual experiences, from games to educational tools, thereby appealing broadly to both gamers and developers.

Conclusion

The recent CPI report, indicating a lower-than-expected inflation rate of 3.4%, has injected optimism into the cryptocurrency market today. Bitcoin and altcoins prices, particularly those considered as AI crypto coins, have experienced notable price surges.

As traders seek to figure out the best Artificial Intelligence (AI) cryptos to buy now, projects like WienerAI and 5scape are garnering attention for their offerings and strong presale performance. The market’s reaction suggests that AI cryptocurrencies could be well-positioned for growth as crypto investors are preparing for the next pump in this bull run.

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The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Petar Jovanović brings years of experience in the crypto industry to ReadWrite. With a strong belief in the potential of the web3 market since 2017, he's passionate about sharing valuable insights and knowledge. Based in Serbia, Petar graduated in Economics at the University of Niš, and went on to become the Head of Content at Captain Altcoin, an online magazine covering all things blockchain. His work has also been published on BeInCrypto and German site Kryptozeitung. Feel free to connect with Petar to discuss the exciting world of cryptocurrencies and decentralized technologies.

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