BTC’s value surged by $5,000 in a matter of hours, SHIB was expected to kick off a bull run, and PEPE hit a new ATH.
Long story short
Bitcoin’s price surged from $61,500 to over $66,500, likely driven by the release of the US CPI data.
Shiba Inu’s price has risen by 9%, with analysts predicting further gains of up to 50% based on technical patterns.
PEPE hit an all-time high on May 15, becoming the third-largest meme coin by market value, and all holders realized paper profits at one point.
Bitcoin Recovery
After trading sideways for the past few days, the price of the main cryptocurrency rose again on May 15. It surged from $61,500 to over $66,500 in a few hours and is currently around $66,000 (according to CoinGecko).
BTC Price
The increase came shortly after the U.S. Bureau of Labor Statistics released its latest Consumer Price Index (CPI) data. The report showed inflation in the world’s largest economy at 3.4%, in line with previous expectations.
The Fed’s goal is to reduce annual inflation to 2%. As a result, it has implemented several measures over the past few years, including rate hikes. The U.S. central bank hinted at a pivot sometime this year, which many industry participants see as a bullish factor for Bitcoin and the industry as a whole.
After all, lower interest rates make borrowing easier and could spark more interest in riskier assets like cryptocurrencies.
SHIB Forecast
The popular meme coin also experienced a major surge, with its price surging 9% in a 24-hour range.
Several analysts, including X-user Ali Martinez and Dami-Defi, believe that SHIB has yet to witness a bull run. The former expects a 20% surge in price if it breaks through the “upper limit of the parallel descending channel at $0.00002444.”
Dami-Defi is even more optimistic, predicting a 50% rally based on a “descending wedge pattern on a 1D timeframe.” They also say the entire memecoin industry will continue to thrive in the coming months.
Pepe's success
The frog-themed meme coin has outperformed many leading cryptocurrencies over the past few days, posting double-digit price gains. It hit an all-time high on May 15, while its market cap is approaching $5 billion, CryptoPotato reported.
PEPE’s price has retreated slightly in the past few hours, but it remains the third-largest asset in the memecoin community. The fourth-largest — dogwifhat ( WIF) — follows closely behind with a market cap of around $3 billion.
Somewhat unexpectedly, PEPE’s latest resurgence has benefited investors. According to IntoTheBlock, on May 14, 100% of token holders were holding paper profits.
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