The cryptocurrency market saw a big rise in activity in May. Bitcoin (BTC) reached a new peak of $111,814 on May 22. Prices for Ethereum (ETH) jumped dramatically after its Pectra update. The market rally has since slowed down. BTC is down to $107,000. It also appears that other assets are starting to slow down.
Cryptocurrencies Hold Amid Volatility
The market consolidation has left many wondering when they should enter the market. There have been some bullish developments, but not a lot of price movement.
The recent market rally was likely due to a surge in institutional investments. Retail investors did not participate in large numbers. BlackRock alone purchased more than $3 billion worth of BTC in May for its spot BTC ETF. The rise in institutional inflows may have triggered a market-wide cryptocurrency rally.
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The crypto market may make another upswing over the coming weeks. There is a chance that the Federal Reserve will cut interest rates after its next meeting. A rate cut could lead to a surge in risky investments.
Top 3 Cryptocurrencies To Buy Before Bitcoin Rallies Again
1. Solana (SOL)
SOL has often rallied on BTC’s heels. The asset hit an all-time high in January during BTC’s previous peak. There is a chance that SOL will witness another rally if BTC makes a move. SOL fans are also eagerly waiting for the Firedancer update. The update will greatly enhance SOL’s scalability.
2. Toncoin (TON)
TON is another cryptocurrency that could rally in tandem with BTC’s next rally. TON is currently experiencing a price surge following Telegram’s recent deal with Elon Musk xAI. The coin may continue to rally over the next few days.
Also Read: Top 3 Cryptocurrencies That May Hit New Highs After ETF Approval
3. Dogecoin (DOGE)
DOGE is quite closely correlated to BTC. The original meme cryptocurrency could experience a price surge during BTC’s next rally. DOGE is also expecting a spot ETF sometime this year. An ETF approval could further push the memecoin’s price.