The cryptocurrency market is facing a slight correction today. Bitcoin (BTC) has dropped to the $94,000 price level after its recent climb to the $97,000 mark. BTC seems to be facing substantial resistance at $97k. The global crypto market cap has dipped 2.7% in the last 24 hours to $3.03 trillion.
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Cryptocurrencies Slide
The market dip comes after Florida state withdrew its two Bitcoin reserve bills from consideration. The move came as a blow to cryptocurrency fans and investors. Many were hopeful for a new state to join the ranks of having a BTC reserve.
The recent market rally was likely fueled by institutional investors. BlackRock purchased over $3.5 billion worth of BTC since Apr. 22. Retail investors most likely did not participate in the market recovery. Investor sentiment is still quite low from the early April crash.
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An interest rate cut could lead to more retail investors entering the cryptocurrency market. There is a chance that the Federal Reserve will introduce a rate cut very soon, given that inflation in the US has cooled more than anticipated.
Top 3 Cryptocurrencies You Could Buy Before Bitcoin Hits $100,000
1. Ripple (XRP):
Ripple’s XRP token had quite a bullish phase earlier this year. The asset has a high correlation to Bitcoin (BTC). If BTC breaches the $100,000 mark, XRP could follow suit. The cryptocurrency could reclaim the $3 mark as well.
2. Ethereum (ETH):
ETH has failed to gain momentum over the last few months. The cryptocurrency is struggling to regain the $1900 mark. ETH could experience a rally if BTC hits $100,000.
3. Dogecoin (DOGE):
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DOGE is another cryptocurrency that could rally if BTC hits $100,000. The memecoin has faced a substantial price correction over the last few days. The low prices could be a good entry point for many investors.