The cryptocurrency market seems to have regained its momentum over the weekend. The global market cap is inching closer to $2.6 trillion, rising 3.2% in the last 24 hours. The latest market resurgence could be due to US Presidential candidate Donald Trump’s speech at the Bitcoin 2024 conference. Trump has been very vocal about his support for the crypto industry.
Another positive development could be the better-than-expected performance of the US economy in Q2 2024. There is a high chance that the Federal Reserve will reduce interest rates by September 2024.
With that said, let’s look at three crypto assets you could watch in August 2024.
Top 3 cryptocurrencies to watch in August 2024
Bitcoin (BTC):
BTC is the market leader and will likely maintain its gains over the last few days. The asset is just 5.6% away from its all-time high. There is a lot of speculation that Donald Trump will set up a Bitcoin reserve policy in the US if he wins the presidential elections.
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According to CoinCodex data, the original cryptocurrency will continue its bullish trajectory throughout August, breaching the $88,000 level on Aug. 18, 2024.
XRP:
Ripple’s XRP token follows BTC’s path, rallying 15.4% in the last two weeks and 28.6% over the previous month. The SEC vs Ripple lawsuit may also make significant moves this week. The fifth-largest crypto may witness significant gains if Ripple receives a positive ruling in the lawsuit.
While speaking at the Bitcoin conference, Donald Trump said he would fire SEC Chair Gary Gensler if elected president. This may also help XRP’s price.
Shiba Inu (SHIB):
SHIB is among the most popular cryptocurrencies in the market. The asset is predicted to breach the $0.00003 level in early August but may face a correction soon after.
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If the general market picks up steam, SHIB may also witness a rebound rally.