The cryptocurrency market continues its downward trajectory. Bitcoin (BTC) is hovering below $94,000, and the global crypto market cap has dipped 2.5% in the last 24 hours to $3.41 trillion. The current market dip is the second correction in the last month-and-a-half.
Also Read: Ethereum Price Prediction: ETH To Hit $4,000 by End of January?
Why Is The Cryptocurrency Market Down?
The crypto market faced a correction in December 2024 after inflation figures in the US increased to 2.7%. The Federal Reserve consequently took a hawkish stance with its monetary policy to combat rising inflation. The central bank announced only two interest rate cuts in 2025 instead of three. The development may have spooked cryptocurrency investors.
The latest cryptocurrency market correction came after US jobs data was better than expected. The development may push back hopes for an early interest rate cut this year.
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Top 3 Cryptocurrencies To Watch This Weekend
1. Ripple (XRP)
Ripple’s XRP token has had quite a year in 2024. The fintech company had a partial victory in its lawsuit with the SEC. XRP also breached the $2 mark for the first time in nearly seven years.
XRP is poised to have a great year in 2025. The cryptocurrency could potentially surge to a new all-time high this year.
2. Solana (SOL)
SOL’s comeback from its 2022 lows is one for the history books. SOL was among the best-performing cryptocurrencies in 2023. The asset then hit a new all-time high in November 2024.
One of the most significant catalysts for SOL’s growing price is likely due to its expanding network. The SOL network is home to some of the most successful memecoins, like Pepe (PEPE), Bonk (BONK), etc.
3. Shiba Inu (SHIB)
SHIB is one of the most popular cryptocurrencies in the market. The asset has struggled to gain momentum lately but may be poised for a comeback this year.
Also Read: Shiba Inu: Whales Stack up on SHIB Amid Price Fall to Spark Rally
SHIB has one of the most loyal and dedicated fanbases in the crypto realm. This is one asset you should have on your watchlist.