The cryptocurrency market seems to be rebounding from its recent dip. Bitcoin (BTC) has reclaimed the $63,000 level, and the global crypto market cap has hit $2.34 trillion. The latest rally, however, was shortlived as most assets are once again glowing red in the 24-hour charts, and the global market cap has dipped 1.9% in the same time frame.
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Why Did the Market Rally Over the Weekend?
The latest market rally is likely due to Federal Reserve chair Jerome Powell announcing interest rate cuts from September 2024. A rate cut could lead to investors pouring money into riskier assets, such as cryptocurrencies. Given the falling inflation figures in the US, traders and investors have long anticipated an interest rate cut this year.
With that said, let’s look at three crypto assets you could watch this week.
Top 3 Cryptocurrencies to Watch in the Last Week of August 2024
1. Avalanche (AVAX)
AVAX has rallied nearly 30% in the weekly and 14-day charts. The latest rally could be due to Bitcoin (BTC) reclaiming the $63,000 level and the Federal Reserve’s dovish stance.
CoinCodex data suggests the cryptocurrency will rally over the next few weeks, hitting $35.29. on Aug. 31, 2024. Reaching $35.29 from current price levels would translate to a rally of about 31.3%.
2. Shiba Inu (SHIB)
SHIB has also enjoyed a healthy turnaround over the last few days. The cryptocurrency rallied 13.7% the previous week and 11.2% in the 14-day charts.
yCoinCodex analysts anticipate the cryptocurrency to breach the $0.00003 level this week, hitting $0.00003265 on Aug. 31, 2024. Reaching $0.00003265 from current prices will entail a rally of about 118.5%.
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3. Chainlink (LINK)
LINK is another popular cryptocurrency anticipated to rally over the next few days. In the weekly and 14-day charts, LINK is up over 21%.
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According to CoinCodex data, the cryptocurrency will hit $13.51 on Aug. 31, 2024, a rally of about 9.3% from current levels.