The worldwide cryptocurrency market capitalization has dropped to $2.12 trillion. The market leader, Bitcoin (BTC), has dropped below $56,000 for the first time since late February of this year. The significant withdrawals from Bitcoin ETFs, the sell-offs by miners, the large BTC movements by the German government, and the general negative mood in the market could all be contributing factors to the present carnage.
With prices low, let’s look at three crypto assets to watch this weekend.
Top 3 cryptocurrencies to watch this weekend
Ethereum:
Ethereum (ETH) has fallen over 14% in the weekly charts and more than 22% over the previous week. ETH has dropped below $3000 for the first time since mid-May 2024.
Also Read: Top 3 Cryptocurrencies to Watch in July 2024
There is a possibility that the ETH ETFs will launch sometime this month. If successfully launched, the second-largest cryptocurrency by market cap may witness a significant price rally. BTC hit a new all-time high in March following the launch of 11 spot BTC ETFs. A similar pattern could emerge for Ethereum if all goes well.
Chainlink:
Chainlink (LINK) has dropped 8.5% in the daily charts, 16.6% in the weekly charts, and more than 33% over the previous month. LINK is currently trading at $11.95.
Prominent cryptocurrency analyst Ali Martinez took to X and said that LINK could face a 45% correction if it falls below $12.70, which it already has. Investors should keep an eye on LINK for any further price drops.
Pepe:
Pepe (PEPE) was among the best-performing cryptocurrencies of the last year. The asset is following the current correction trend, falling by nearly 32% in the weekly charts, and 41.5% over the previous month.
Also Read: Cryptocurrency: Top 3 Coins Under $1 To Buy During The Dip
For those looking to break into the memecoin market, the cheap prices can be a great starting point. PEPE has performed incredibly well in its brief existence and might pick up the pace if the market recovers.