The cryptocurrency market is recovering after its recent dip. Most assets are trading in the green zone today. Bitcoin (BTC), the market leader, has reclaimed the $99,000 level. The global crypto market cap has risen by 1.6% in the last 24 hours to $3.64 trillion.
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Why Is The Cryptocurrency Market Up Today?
The market faced a significant correction earlier this month after US jobs data came in better than expected. The development thwarted hopes of an early interest rate cut this year.
The cryptocurrency market faced another dip in December 2024 after inflation in the US rose to 2.7%. Consequently, the Federal Reserve took a hawkish stance with its monetary policy to combat rising inflation figures. The Fed announced only two interest rate cuts this year instead of the expected three. The move may have spooked investors away from risky assets.
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Top 3 Cryptocurrencies Close To Hitting New All-Time Highs
1. Binance Coin (BNB)
Binance’s BNB token has witnessed incredible growth in 2024. The asset hit an all-time high of $788.84 on Dec. 4, 2024.
The fifth-largest cryptocurrency is currently only 10.1% away from its recent peak. There is a high probability that BNB will hit a new all-time high in the coming weeks.
2. Ripple (XRP)
XRP is another cryptocurrency that experienced stellar growth last year. The asset breached the $2 mark in 2024 for the first time in nearly seven years.
XRP recently reclaimed the $3 mark and is only 10% away from its all-time high of $3.40. The asset could be on its way to a new peak.
3. Solana (SOL)
SOL has been among the best-performing cryptocurrencies of the last two years. The asset fell below $10 in 2022 after the collapse of FTX.
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SOL hit an all-time high of $263.21 on Nov. 23, 2024. The asset is currently down by 23% from its peak. SOL could hit a new high very soon.