BTC hits $66K mark

May 16, 2024
Bitcoin rose to its highest price since April 24, while SOL and NEAR topped the list of cryptocurrency gainers.

Cryptocurrency markets rose on Wednesday amid a decline in April U.S. Consumer Price Index (CPI) figures compared to March of this year (0.3% to 0.4%).

The new data came as a relief to investors concerned that accelerating inflation and a heated economy might prompt the Federal Reserve to abandon its dovish stance and even consider raising interest rates.

Bitfinex analysts noted that investors view this as a bullish regime shift, as it marks the first decrease in CPI inflation in the last three months.

Looking at traditional markets, U.S. stocks also rose during the day: the S&P 500 index gained over 1% and reached a new record high.

The price of BTC surpassed $66K and rose by more than 7% over the last 24 hours. ETH is trading around $3K, while Solana (SOL) and Near (NEAR) led among the largest cryptocurrency companies with gains of 8% and 12% respectively. This cryptocurrency price increase indicates a breakthrough in the downward trend that has been limiting prices for the past few weeks.

Market activity paves the way for BTC to grow to $69K and possibly to new all-time highs targeting the $84K price level. In this scenario, altcoins are also expected to follow the upward trend.