Cryptocurrency Price on May 14: Bitcoin rises above $62.4k; Solana, Shiba Inu jump up to 7%

economictimes.indiatimes.com:

cryptocurrency tokens experienced a surge in Tuesday's trading session, ahead of the release of U.S. CPI data, which could potentially impact the trajectory of interest rates.

The main focus this week is on Wednesday's actual U.S. CPI figures, to see whether some upside surprises in the first quarter were a blip or worrying trend. Expectations suggest that core CPI will moderate from an annual rate of 3.8% in March to 3.6% for April.

Meanwhile, the global cryptocurrency market cap also surged by 2.7% to approximately $2.29 trillion within the last 24 hours.

As of 12:14 p.m., Bitcoin was trading 2.4% higher at $62,473, while Ethereum experienced a 1.9% rise to $2,935. Additionally, altcoins such as Solana (6.6%), XRP (1.2%), Dogecoin (7.1%), Shiba Inu (6.9%), Polkadot (2%), and NEAR Protocol (10%) followed suit in the downward trend.

Did you Know?

The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.

«Bitcoin has reclaimed $62,000 and is showing early signs of a continued rally. A short period of consolidation is possible before Bitcoin retests its 50-day MA at $65,200,» said Vikram