The cryptocurrency market continues its lackluster performance. Bitcoin (BTC) is trading at just below $97,000. The global crypto market cap has dipped 1.7% in the last 24 hours to $3.33 trillion.
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Cryptocurrencies Lag Amid Uncertainty
The lack of upward momentum could be due to low investor sentiment. Macroeconomic factors may be forcing market participants from investing in risky assets. The Federal Reserve has paused interest rate hikes but is yet to announce a rate cut for this year. An interest rate cut could lead to a boost in investor sentiment.
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Despite the poor performance over the last few weeks, the cryptocurrency market could pick up steam in the coming months. The low prices could be a good entry point for many new investors.
Top 3 Cryptocurrencies To Watch This Weekend
1. Ripple (XRP)
Ripple’s XRP token witnessed a rally today. The cryptocurrency is currently outperforming Bitcoin (BTC) and Solana (SOL) in the daily and weekly charts. XRP’s latest rally is likely due to the SEC approving the conversion of Grayscale’s XRP trust into an ETF. Although the financial regulator has yet to approve the ETF itself, we may witness a surge in the asset’s price in the coming days.
2. Dogecoin (DOGE)
DOGE is another cryptocurrency that could rally over the coming weeks. There is a lot of talk about a DOGE ETF making the rounds. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, DOGE has a 75% chance of an ETF approval this year. If a DOGE ETF is approved, the asset could experience a massive rally.
3. Litecoin (LTC)
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LTC experienced quite a rally over the last few days. The rally was likely due to ETF applications. Balchunas and Seyffart believe the cryptocurrency has a 90% chance of an ETF approval in 2025.