The cryptocurrency market is making another attempt at a recovery. Bitcoin (BTC) has climbed to the $86,000 mark. The global crypto market cap has risen to $2.95 trillion. Most assets in the top 100 projects by market cap are trading in the green zone on Monday morning.
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Cryptocurrencies Rise As Tariffs Ease
The market resurgence could be due to the US wanting to ease tariffs. The crypto market took a plunge after the US announced tariffs against the European Union (EU). The US had also levied tariffs on Canada and Mexico. Market participants were most likely spooked by the move.
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The Fed may also introduce an interest rate cut soon. A rate cut could lead to a rise in risky investments. The cryptocurrency market could see a rise in fund inflows under such conditions.
Top 3 Cryptocurrencies To Watch This Week
1. Ripple (XRP):
The SEC recently dropped its lawsuit against Ripple. The fintech company’s cryptocurrency, XRP, experienced quite a rally. There is also a possibility that XRP will get an ETF later this year. XRP could hit a new all-time high as a result of the ETF. The low price could be a good entry point for many investors.
2. Solana (SOL):
SOL is another cryptocurrency that has faced a substantial price correction over the last month. SOL hit an all-time high of $293.31 on Jan. 19. The asset’s price has fallen by nearly 53% from its January peak. SOL could experience a rally over the coming days.
3. Toncoin (TON):
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TON has experienced quite a rally after Telegram founder Pavel Durov was allowed to leave France for Dubai earlier this month. The cryptocurrency could continue its rally over the coming days.