The cryptocurrency market has been facing a challenging year, with Bitcoin (BTC) trading at levels not seen since November 2024. The global crypto market cap has dipped by 6.1% in the last 24 hours, now standing at $2.79 trillion. This downward trend can be attributed to the ongoing global trade wars, particularly between the United States and the European Union (EU).
The recent announcement by the US to impose tariffs on the EU, with the EU planning to reciprocate, has had a significant impact on investor sentiment. The trade disputes have led to a substantial outflow of capital from risky assets like cryptocurrencies. Despite a few bullish developments within the crypto sphere, such as the US Strategic Bitcoin Reserve and the authorization of a digital asset stockpile, the market has failed to gain traction.
In the midst of this market dip, there are three cryptocurrencies that investors may consider buying. Ripple (XRP) has been one of the best-performing cryptocurrencies in recent months, breaching the $3 mark for the first time in seven years. There is a high probability of an XRP ETF being approved this year, making the current low prices an attractive entry point for investors.
Solana (SOL) has also shown significant growth since its 2022 lows, despite facing a price correction in recent weeks. The anticipation of an ETF approval for SOL could potentially drive the cryptocurrency to new highs. Lastly, Shiba Inu (SHIB) remains one of the most popular cryptocurrencies in the market, with its price hitting a seven-month low. The current low prices of SHIB could present an opportunity for good returns in the future.
Overall, the cryptocurrency market continues to face challenges amid global trade tensions, but there are still opportunities for investors to capitalize on the current market dip by strategically investing in promising cryptocurrencies like XRP, SOL, and SHIB.