The cryptocurrency market has been experiencing a lackluster performance recently, with Bitcoin (BTC) trading just below $97,000 and the global crypto market cap dipping 1.7% in the last 24 hours to $3.33 trillion. This lack of upward momentum could be attributed to low investor sentiment, as macroeconomic factors may be discouraging market participants from investing in risky assets.
While the Federal Reserve has paused interest rate hikes, the lack of a rate cut announcement for this year could be contributing to the subdued market performance. However, an interest rate cut in the future could potentially boost investor sentiment and lead to a turnaround in the market.
Despite the recent poor performance, there is optimism that the cryptocurrency market could pick up steam in the coming months. The current low prices may present a good entry point for new investors looking to capitalize on potential future gains.
In light of these developments, here are three cryptocurrencies to watch this weekend:
1. Ripple (XRP): Ripple’s XRP token has witnessed a rally, outperforming Bitcoin (BTC) and Solana (SOL) in the daily and weekly charts. The recent rally is likely due to the SEC approving the conversion of Grayscale’s XRP trust into an ETF, which could potentially lead to a surge in the asset’s price in the near future.
2. Dogecoin (DOGE): There is speculation about a potential DOGE ETF approval, with analysts suggesting a 75% chance of approval this year. If a DOGE ETF is indeed approved, the asset could experience a significant rally.
3. Litecoin (LTC): LTC has also experienced a rally in recent days, possibly driven by ETF applications. Analysts believe there is a 90% chance of an ETF approval for Litecoin in 2025, which could further boost its price.
Overall, while the cryptocurrency market may be facing uncertainty and lackluster performance at the moment, there are opportunities for potential gains with the right investment choices. Investors are advised to stay informed and keep an eye on these top cryptocurrencies for potential returns in the near future.