The cryptocurrency market has struggled to gain momentum for most of this year. Bitcoin (BTC) is trading at levels not seen since November 2024. The global crypto market cap has dipped 6.1% in the last 24 hours to $2.79 trillion.
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Cryptocurrencies Continue To Bleed Amid Global Trade Wars
The crypto market took a big hit after the US announced that it would impose tariffs on the European Union (EU). The EU has also said it will reciprocate with a similar move against the US. The US has also implemented tariffs against Canada and Mexico. The trade disputes have taken their toll on investor sentiment. Risky assets, such as cryptocurrencies, have seen a significant outflow of capital.
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There have been a few bullish developments within the crypto sphere. The US announced its Strategic Bitcoin Reserve recently. The US also authorized the creation of a digital asset stockpile. The crypto market has failed to gain traction despite the bullish development.
Top 3 Cryptocurrencies To Buy During The Current Market Dip
1. Ripple (XRP)
Ripple’s XRP token is one of the best-performing cryptocurrencies of the last few months. The asset breached the $3 mark for the first time in seven years earlier this year. There is a high probability that an XRP ETF will be approved sometime this year. The low prices could be a good entry point for many investors.
2. Solana (SOL)
SOL has come a long way since its 2022 lows. The asset has faced a significant price correction over the last few weeks. SOL is also expected to get an ETF this year. The cryptocurrency could rise to new highs if the SEC approves a spot SOL ETF.
3. Shiba Inu (SHIB)
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SHIB is one of the most popular cryptocurrencies in the market. The asset’s price has dipped to its lowest in nearly seven months. The low prices could lead to good returns in the future.