The cryptocurrency market seems to be consolidating after its recent upswing. Bitcoin (BTC) is holding steady at the $110,000 level after hitting a peak of $111,814 on May 22. The global crypto market cap has fallen 1.4% in the last 24 hours to $3.64 trillion. Other assets are also showing signs of consolidating. Some assets, however, continue to make little gains.
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Cryptocurrencies Hold As Investors Await Bullish News
The cryptocurrency market is awaiting the approval of perpetual futures contracts. Summer Mersinger, the outgoing Commodities and Futures Trading Commission (CFTC) commissioner, said that the financial vehicle will be available to investors very soon. Mersinger is set to leave the CFTC by the end of this month to serve as the CEO of the cryptocurrency lobby group, Blockchain Association.
The crypto market experienced one of its most significant surges in recent times. The rally was most likely fueled by institutional investments. Retail investors are likely sitting this rally out. While BTC climbed to a new all-time high, other cryptocurrencies are far from their peaks.
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We may see a market-wide rally if the Federal Reserve cuts interest rates. The Fed may cut interest rates after its next meeting.
Top 3 Cryptocurrencies To Watch This Weekend
1. Bitcoin (BTC):
BTC is the current market leader. The original cryptocurrency may continue its upward momentum over the weekend. BTC should definitely be on your watchlist. Other assets will likely not move unless BTC rallies.
2. Cardano (ADA):
BTC has faced a slight correction today. Even the global crypto market cap has seen a dip. Cardano (ADA) seems to be going against this trend. The cryptocurrency continues to trade in the green zone today. ADA could continue its rally through the weekend.
3. Dogwifhat (WIF):
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WIF is currently one of the best-performing cryptocurrencies among the top 100 projects by market cap. The memecoin has registered double-digit percentage gains in the last 24 hours. The coin could potentially keep up its rally over the next few days.