Over the past few weeks, the cryptocurrency sector has faced major challenges. With the introduction of eleven Bitcoin (BTC) exchange-traded funds (ETFs) in 2024, the market got off to a boom. However, despite some respectable gains, the market stagnated during the summer.
What’s Causing the Current Market Gloom?
The Federal Reserve’s hesitancy to lower interest rates this year may have contributed to the crypto market’s poor performance. Although traders and investors anticipated a rate decrease by September, the Fed has not clarified whether it will lower rates the following month.
The rise in global geopolitical tensions may have also negatively impacted the cryptocurrency market. The conflict in the Middle East may have spooked investors from buying risky assets, such as crypto.
Top 3 Cryptocurrencies to Buy Before the Bull Run
1. Shiba Inu (SHIB)
SHIB has been among the best-performing crypto assets in the last four years. However, the dog-themed meme coin has experienced a significant correction over the last month, and prices have dipped to the $0.000013 level.
Also Read: Top 3 Cryptocurrency To Buy During The Market Crash
SHIB is currently down 84% from its all-time high of $0.00008616, which it attained in October 2021. Many analysts anticipate the cryptocurrency reclaiming its peak in the next bull run.
2. Cardano (ADA)
Cardano is among the most developmentally heavy crypto projects in the market. ADA has faced significant hurdles over the last few years despite its strong fundamentals.
ADA is down by more than 89% from its all-time high, making plenty of room for lucrative gains if the cryptocurrency recovers.
3. Pepe (PEPE)
Pepe is one of the best-performing assets of the last year. The meme coin has quickly climbed the charts and is currently the 27th largest cryptocurrency by market cap.
Also Read: Cryptocurrency: Top 3 Memecoins To Watch During The Dip
According to a recent post by a former Goldman Sachs analyst, the number of meme coins in the top 100 projects will rise above 25 from the current seven. The comment suggests that meme coins could witness a massive surge in inflows this cycle.