The cryptocurrency market continues to struggle. Bitcoin (BTC) fell to the $83,000 level after its recent climb to the $88,000 price point. The global crypto market cap has fallen to $2.8 trillion after rising to $3 trillion in March. Most assets continue to move sideways.
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Cryptocurrencies Slump With Macroeconomic Headwinds
The cryptocurrency market dip could be due to macroeconomic uncertainties. The US will begin implementing tariffs on Canada, Mexico, and China from Apr. 2. The move may have spooked investors. Many anticipate a negative impact on the American economy.
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The Fed has paused interest rates after its most recent meeting. Despite the rate hike pause, the Fed has not announced an interest rate cut for 2025. A rate cut will likely spring optimism to investors. The move may lead to a rise in risky investments, such as cryptocurrencies.
Top 3 Cryptocurrencies That May Double Their Price
1. Bitcoin (BTC)
BTC is down by 22.7% from its all-time high of $108,786. Many anticipate BTC to breach the $150,000 mark as well. Some analysts expect BTC to eventually cross the $1 million price point.
BTC is the market leader and other assets follow its trajectory. Other cryptocurrencies will likely not move unless BTC does.
2. Ripple (XRP)
Ripple’s XRP token is another cryptocurrency that could double its price. The SEC recently dropped its litigation against the fintech company. The cryptocurrency’s price seems to have no barrier. The asset may also get an ETF sometime this year. The development could lead to a substantial price rally for XRP.
3. Solana (SOL)
SOL hit an all-time high of $293.31 in January. Since its January highs, the asset’s price has fallen by more than 57%. SOL’s price also faced a massive crash in 2022 after the collapse of FTX. The cryptocurrency went below $10. Since its 2022 lows, SOL has made quite a recovery.
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Going by the asset’s performance, we may see SOL double its price in the coming years.