Bitcoin, Ethereum Tumble As US Inflation Escalates — Here’re 3 Altcoins To Buy

By CoinZoop.com On Mar 12, 2024

Altcoins To Buy: The Bureau of Labor Statistics of the Labor Department reported the latest inflation data in the US, suggesting that the economy is in for a longer than expected wait for lower interest rates.

According to the Consumer Price Index (CPI) report, inflation increased 0.4% in February and subsequently by 3.2% starting a year ago.

While the monthly CPI was within expectations, the yearly data overshot estimates of 3.1% by Dow Jones. Bitcoin and Ethereum both plunged by 2.5% on the day following the announcement to trade at $70,500 and $3,937 at the time of writing.

Inflation Stays High In The US But 3 Altcoins To Buy Stand Out

After excluding the volatile prices of food and energy, the core CPI increased by 0.4% but was up by 3.8% yearly, exceeding economists’ projects by one-tenth of a percentage point.

Although inflation is significantly below 2022’s peak, it holds noticeably high above the Federal Reserve’s 2% goal. With inflation staying stubborn in January and February, dreams for immediate rate cuts are waning quickly with the possibility of starting in summer.

Bitcoin and Ethereum immediately felt the heat of inflation rising, as they tumbled from their recent highs. If the market stabilizes, investors may consider scooping the dips to maximize returns in the long run.

Filling up the dips will also build the momentum for Bitcoin and Ethereum to resume the rallies ahead of halving in April. Meanwhile, some altcoins to buy stand out, including Solana (SOL), PEPE, Grok.

Solana (SOL)

Solana Price: SOL, the native token of the layer 1 ecosystem Solana is making gradual growth in tandem with Bitcoin. This asset reentered a recovery trend in late January when the price rebounded from $79. Within seven weeks, the SOL value surged 87.55% to reach $147.7 while the market cap hit $65.6 Billion, to stand as 5th largest cryptocurrency.

However, the overhead supply at $150 may trigger another pullback before a rally past this psychological level.

The horizontal level prior acted as the key neckline resistance of the cup and handle pattern- a chart pattern commonly recorded at the market bottom that hints at an early sign of a recovery trend. Sustainability this retest would provide buyers with suitable support to propel a high recovery trend.

If the pattern holds, the Solana price may chase the potential target of theoretical target of $250, accounting for a potential growth of 71%.

Pepe Coin (PEPE)

PEPE, a cryptocurrency inspired by a popular internet frog meme, has recently experienced a significant surge in its value. Over the last year, the value of PEPE has skyrocketed by 14,225%, reflecting a broader interest in meme-based digital currencies. This trend follows the rise in popularity of other similar cryptocurrencies.

In recent market developments, Pepe coin has experienced a notable decrease in trading volume, dropping over $1.06. This trend suggests a changing attitude among investors and hints at a possible market stabilization. Currently, with a market capitalization of $3.24 billion, Pepe coin ranks 41st on the CoinMarketCap data, showcasing its significant presence in the cryptocurrency arena.

Pepe Coin Price Analysis: — Pepe Coin price chart

PEPE coin’s trajectory seems geared for more upward movement. If it breaks through the $0.0000090 resistance barrier, it could embark on a bullish path, eyeing the significant $0.00001 mark. Such an achievement would be groundbreaking for PEPE, marking its debut into the four-zero price range.

Grok (GROK)

Grok (GROK), a new entrant in the meme coin arena, is inspired by the Grok AI project from Elon Musk’s X company. This association with a notable personality and the ensuing hype have propelled it to prominence among AI-centric meme cryptocurrencies.

Presently, Grok’s price stands at $0.02282, with a trading volume of $115 million over the past 24 hours. This represents a remarkable surge of more than 30% in just one day, highlighting the volatile and unpredictable nature of investing in meme coins.