The cryptocurrency market continues its downward trajectory. The market made a slight recovery last week but has once again slumped. Bitcoin (BTC) has fallen to the $95,000 price level. The global market cap has dipped 2.9% in the last 24 hours to $3.27 trillion.
Also Read: Why is India’s Stock Market Crashing Today?
Cryptocurrency Investors Take On Losses Amid Hack
The latest market crash comes after a major security breach at the Bybit exchange. The platform lost around $1.4 billion worth of Ethereum-related coins. The hack has hit investor sentiment, leading to substantial liquidations.
Also Read: Chainlink (LINK): Bears Take Control, LINK’s Future Bleak?
Macroeconomic factors may have also hit the cryptocurrency market. Economic tensions between the US and other countries have also hurt investor sentiment. Investors are hoping for an interest rate cut soon. The Fed has paused rate hikes but has yet to announce a rate cut for 2025.
Top 3 Cryptocurrencies To Watch This Week
1. Dogecoin (DOGE)
DOGE has faced quite a price dip in the last few days. The meme cryptocurrency had quite a bullish run at the end of last year. The low price could be a good entry point for new investors. DOGE could experience a resurgence when the market recovers.
2. Solana (SOL)
SOL took a hit after the whole Libra cryptocurrency debacle. The SOL network has witnessed incredible growth over the last few years. SOL could give big returns over the coming months.
3. Shiba Inu (SHIB)
Also Read: BRICS: US Dollar Falls for 3rd Straight Week From Trump Tariffs
SHIB is another popular cryptocurrency that is trading at low prices right now. The asset has a loyal fan base and could see a price spike over the coming months. The SHIB team is also working on a new burn mechanism that could help propel the asset’s price.