Crypto market rally today: here’s why Pepe Coin, Zcash, Morpho, and Dogecoin are rising
#USRetailSalesMissForecast A crypto market rally is going on today, February 15, as investors buy the recent dip after the encouraging US consumer inflation report.
Bitcoin btc0.99%Bitcoin price jumped to $70,000, while the market capitalization of all coins soared to over $2.4 trillion. Pepe Coin pepe24.99%Pepe jumped by over 30% in the last 24 hours, while Zcash zec9.68%Zcash, Dogecoin, and Bonk were up by over 10% in the same period.
Most of these tokens have soared by over 50% from their lowest levels this year. Other top gainers were coins like Shiba Inu, Jupiter, Morpho, and Pippin.
Crypto market rally triggered by US inflation report
The ongoing crypto market rally is happening because of last Friday’s macro report, which showed that the headline consumer inflation continued falling in January. This report showed that the headline Consumer Price Index dropped to 2.4% in January from 3% a few months ago. It is slowly moving towards the 2% target..
Another report showed that the labor market is making strides despite some notable layoffs announced this year. The unemployment rate dropped to 4.3% as the economy created over 130k jobs during the month.
These numbers mean that the Federal Reserve will likely cut interest rates more time than expected this month. While Fed officials have hinted at one interest rate cut this year, most analysts expect that the bank will deliver more cuts than that.