The U.S. Bureau of Labor Statistics is all set to release the Consumer Price Index (CPI ) data today for the month of January. The inflation rate is expected to slow down and come to 6.2% the lowest since October 2022. The inflation excluding food and energy is predicted to come down to 5.4% from 5.7%. This will also set a path for the U.S. Federal Reserve to decide the repo rates.
The CPI data for December showed slowing inflation, thus, the FED slowed the rate hike by 25bps this month. Cooling inflation and a decline in the FED rate hike will ultimately push more investors toward the market.
Since there are expectations of declining inflation, these cryptocurrency is supposed to show a positive impact. The 5 cryptocurrencies that are expected to boom as per our research are listed below:
Disclaimer: This article is not a piece of financial advice. It is a prediction and analysis of a team. Kindly research and invest at your own risk.
1. Polygon (MATIC)
Polygon price has been on the rise since the U.S. CPI data was released for the month of December which showed inflation down from 7.1% to 6.5%. It has soared by 21.47% in the last 30 days, thus, each MATIC token is trading for 1.18 USD. In the last 24 hours, ahead of CPI data, the token is up by 0.97%, however, the trading volume is down by 32.59%. If the inflation rate comes positive, this token can see a massive jump.
2. ImmutableX (IMX)
The other token that will trade positively can be IMX. ImmutableX price has boosted by 73.97% in the last 30 days. The positive market situations created by low inflation data can push the token further. IMX token has been rallying since the start of the year and is currently trading for 0.9603 USD, a hike of 1.39% in the last 24 hours. In the last month, it has reached as high as 1.19 USD.
Source: coinmarketcap
Also read: Wall Street Estimates On US CPI Inflation Data, Will Crypto Prices Recover Further?
3. SingularityNET (AGIX)
The AI token, AGIX has increased by a massive 135.16% since the last CPI data came out to the public. The token is trading for 0.4136 USD as of writing and is up by 10.79% during the previous 24 hours. In the last 30 days, it has reached as low as 0.1613 USD and climbed as high as 0.6637 USD.
4. Bitcoin (BTC)
The world’s largest cryptocurrency is trading in green ahead of the release of CPI data. The token is hiking by 0.69% in the last 24 hours and each BTC token is trading for 21,844 USD. In the last 30 days, Bitcoin price crossed the resistance mark of 23k and has been rallying for most of the last month. It is up by 5.50% in the last 30 days. However, in a week, the coin has dipped to a certain extent taking it back to the 21k mark. If the inflation data turns positive, Bitcoin will certainly show a massive jump.
5. Ethereum (ETH)
The world’s second-largest crypto Ethereum can also see a boost if the inflation data hints at cool down. In the past 30 days, Ethereum price has been slightly down by 1.41%, however, the token crossed its resistance mark of 1.6k in the month of January. The cryptocurrency is up by 1.27% ahead of the CPI data release as the predictions hint at cooling inflation.
Also read: Bitcoin Price Likely To Hit $25K After US CPI Data, Here’s Why
