The cryptocurrency market is struggling to gain momentum. Bitcoin (BTC) fell below $78,000 on Mar. 11. The asset made some gains over the last two weeks of March. BTC climbed to the $88,000 level on Mar. 25. Since then, BTC’s price has taken another dip to the $83,000 level. The original cryptocurrency could dip below $80,000 once again. The global crypto market cap has dipped to $2.79 trillion as of Apr. 1, a substantial dip from its recent ascent to $3 trillion.
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Cryptocurrencies Continue Their Slumber
The latest market dip is likely due to macroeconomic uncertainties. The US has announced that it will implement its tariffs against Canada, Mexico, and China from Apr. 2. Market participants may be weary about how the tariffs unfold. Many anticipate a negative impact on the American economy.
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The Fed has also yet to announce an interest rate cut. The central bank paused rate hikes in its recent meeting. But a rate cut is what investors are likely looking for.
Top 3 Cryptocurrencies That May Top The Charts In April
1. Ripple (XRP):
Ripple’s XRP token seems clear of all obstacles for a rally other than investor sentiment and macroeconomic worries. The SEC recently dropped its litigation against Ripple after almost four years. The cryptocurrency could rise to new highs with the lawsuit gone.
2. Solana (SOL):
SOL has faced a substantial price dip since its peak earlier this year. The cryptocurrency hit an all-time high of $293.31 in January. SOL’s price has fallen by nearly 57% since its January peak. SOL could experience a recovery rally in April.
3. Toncoin (TON):
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TON is one of the few cryptocurrencies trading in the green zone today. The asset’s price has built quite a momentum over the last few weeks. TON’s rally may continue for the next few weeks. The asset could face a correction due to macroeconomic headwinds. If the crypto market picks up the pace, TON could give incredible returns.