Date: Wed, Sept 11, 2024, 01:14 PM GMT
The latest U.S. inflation report brought some relief to the markets, and the crypto world is buzzing in response. The Labor Department revealed that the Consumer Price Index (CPI) inflation held steady at 0.2% in August, mirroring the previous month’s figure and aligning with market expectations. On a year-over-year (YoY) basis, inflation cooled to 2.5%, a significant drop from July’s 2.9% and the lowest level since February 2021.
BREAKING: 🇺🇸 US inflation falls to 2.5%, lower than expectations.
— Watcher.Guru (@WatcherGuru) September 11, 2024
This positive economic news has sent positivity through the crypto market, with altcoins, particularly AI-focused tokens, seeing notable gains. Let’s take a closer look at the top performers:
1. Bittensor (TAO)
Price: $293.23
Last 1H Change: +5.46%
Bittensor is making waves with its decentralized AI network. It’s a platform where machine learning models can be trained and shared across a decentralized network, making AI development more accessible and democratic. The market’s positive reaction to the inflation report has given TAO a solid boost.
2. Render (RNDR)
Price: $5.10
Last 1H Change: +2.22%
Render Token, which powers the Render Network, connects artists with GPU owners, providing a cost-effective solution for high-quality rendering. As inflation data suggests a more stable economic environment, RNDR has also benefited, reflecting increased confidence in the broader market.
3. Artificial Superintelligence Alliance (FET)
Price: $1.33
Last 1H Change: +1.80%
Fetch.ai, a leader in decentralized AI, is focused on creating an autonomous economic network where digital twins—virtual representations of real-world entities—can operate independently. With the inflation news boosting market sentiment, FET has seen a healthy uptick as investors flock to AI-driven projects.
As the market reacts positively to the U.S. inflation report, it’s clear that AI tokens like TAO, RNDR, and FET are among the biggest beneficiaries, showcasing their potential in a more stable economic landscape.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are highly volatile and risky.