The cryptocurrency market has faced its most significant correction in the last few months. Bitcoin (BTC) briefly fell below $80,000 but has since recovered the mark. BTC last traded below $80,000 in November 2024. The global crypto market cap has dipped 7.1% in the last 24 hours to $2.77 trillion.
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The Cryptocurrency Market Faces Its Biggest Challenge Yet?
The latest market dip is quite perplexing. The US has a pro-crypto administration. President Trump said he wants the crypto industry to thrive in the US. Despite the bullish leadership, the market seems to be struggling to gain momentum.
The cryptocurrency market dived after the US announced it will go ahead with its tariffs against Canada and Mexico. Investors most likely anticipate a negative impact.
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The Bybit hack further pulled the market down. The popular cryptocurrency exchange lost nearly $1.4 billion to illicit players.
According to Arthur Hayes, the dip took hold after hedge funds moved away from BlackRock’s IBIT.
Top 3 Cryptocurrencies That Could Rebound This Weekend
1. Bitcoin (BTC)
BTC is the market leader. Other assets will likely not move unless BTC recovers. There is a possibility that the original cryptocurrency will rebound over the weekend. The asset’s brief dip below $79,000 may inspire investors to buy the asset for a cheap price.
2. Ripple (XRP)
Ripple’s XRP token had quite a success earlier this year. The cryptocurrency breached the $3 mark for the first time in nearly seven years earlier this year. The low prices could be a good entry point for new investors.
3. Dogecoin (DOGE)
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DOGE has experienced a significant price correction. The low prices could inspire investors to buy the dip. The cryptocurrency could see a comeback over the next few days.