Altcoin market updates: Pi Network, Hedera, and BNB lead the early gains as U.S. CPI drives recovery
The cooler-than-expected inflation data in the U.S. generated new demand in cryptocurrency markets on Wednesday, driving a 1.6% increase in global market capitalization, adding $40 billion
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Pi Network leads with a 22% increase
Pi Network (PI) is the standout, rising 22% at the time of publication. The increase is primarily due to the growing community engagement ahead of the critical network migration event scheduled for March 17. Additionally, the growing media attention surrounding the potential inclusion of PI on CoinMarketCap and CoinGecko has further bolstered bullish sentiment.
Hedera (HBAR) breaks key resistance on ETF momentum
Hedera (HBAR) recorded a 6% gain, briefly surpassing the resistance level of 0.20$ on the day. The rally was largely driven by the recent recognition from the U.S. Securities and Exchange Commission (SEC) regarding Nasdaq's filing to list the Grayscale HBAR Spot ETF. This development significantly increased investor confidence in the 24 hours following the announcement.
BNB rises 2% amid growing demand for exchange tokens
Binance Coin (BNB) gained 2%, stabilizing near the $560 mark. The increase in BNB's price is attributed to the growing demand for exchange tokens, particularly as traders execute large-volume recovery trades in response to improving market conditions
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