The cryptocurrency market seems to be facing another correction, with Bitcoin (BTC) dipping over 3% in the daily charts to the $56,000 level. The global market cap, on the other hand, has fallen 4.9% in the last 24 hours and currently sits at $2.08 trillion.
Why Is The Market Going Down?
The present market decline is rather puzzling, especially given that the Federal Reserve has announced interest rate cuts this month. Investors do not appear to be sufficiently encouraged by the Fed’s dovish outlook on economic policy. An interest rate cut usually leads to more inflows for risky assets.
Also Read: Why Is the Cryptocurrency Market Crashing Today? Explained
Analysts at Bitfinex predict that the cryptocurrency market may see another fall of 15 to 20 percent following interest rate decreases. There could be macroeconomic reasons for the poor market sentiment.
Top 3 Cryptocurrencies To Buy During The Market Dip
1. XRP
Ripple’s XRP token has struggled to gain momentum of late. Given that the SEC vs. Ripple lawsuit has concluded, the cryptocurrency could witness a surge in adoption and price later this year.
Also Read: Ripple: Two Reasons Why Investors Should Hold Their XRP And Not Sell It
CoinCodex data suggests XRP’s price could surge to $0.75 on Sept. 8. 2024, a rise of about 36.36% from current levels.
2. Shiba Inu (SHIB)
SHIB is another popular cryptocurrency that has struggled over the last few weeks. The low prices present an opportunity to buy the asset for cheap.
CoinCodex analysts anticipate the memecoin to hit $0.00002810 on Sept. 9, 2024. Hitting $0.00002810 from current price levels would translate to a rally of nearly 112%.
3. Pepe (PEPE)
Pepe is among the best-performing cryptocurrencies of the last year. The asset has faced a significant price drop over the previous few days, presenting an opportunity for new investors to buy the token for a cheap price.
Also Read: Cardano: How High Can ADA Spike This Weekend Post The Chang Hard Fork
According to CoinCodex data, PEPE could surge to a new all-time high of $0.00002118 by the end of this month. Hitting $0.00002118 from current price levels would translate to a rally of nearly 195%.
