BTC reached a new high since April 24th, following a surge in Solana’s SOL and NEAR tokens, leading the cryptocurrency gains. According to Swissblock, Bitcoin may be eyeing the $84,000 level as altcoins continue to perform well in the market.
The crypto industry experienced a rally fueled by the softer-than-expected U.S. inflation data on Wednesday, which sparked a resurgence in digital assets. BTC surpassed $66,000 for the first time since April 24th, recording a more than 7% increase in the last 24 hours. Meanwhile, Ether (ETH) traded around $3,000, showing a 4% growth during the same period.
Solana (SOL) and Near (NEAR) emerged as top gainers among major cryptocurrencies, with impressive jumps of 8% and 12%, respectively, while the broader CoinDesk 20 Index (CD20) saw a 6% rise. This market rally was influenced by the decline in April’s U.S. Consumer Price Index (CPI) figures compared to March, alongside a tepid retail sales report. Investors welcomed this shift, as it eases concerns about escalating inflation and a potential Fed policy adjustment.
Bitfinex analysts interpreted the CPI data as a positive development, signaling a bullish sentiment in the market. They highlighted the Federal Reserve’s plan to taper its balance sheet run-off as a favorable factor for risk assets. The surge in Bitcoin prices also marked a significant breakout from a previous downward trend, as noted by Swissblock analysts. They anticipate BTC to reach $69,000 first, with a potential push towards new all-time highs around $84,000, driving a strong rally in altcoins in the process.
