The cryptocurrency market is facing a period of lackluster performance, with Bitcoin (BTC) still hovering below $98,000. The global crypto market cap has dipped by 1.6% in the last 24 hours, now standing at $3.3 trillion. This downward trend in the market can be attributed to various factors, including recent announcements made by US President Donald Trump.
President Trump recently announced tariffs on countries taxing US goods, along with a 25% tax on aluminum and steel. These moves have spooked investors away from risky assets, such as cryptocurrencies, as they seek more stable investment options. Additionally, US jobs growth has slowed more than expected, leading to speculation that the Federal Reserve may announce an interest rate cut to boost investor sentiment.
Despite the current challenges facing the cryptocurrency market, there are still opportunities for investors to watch out for. Three cryptocurrencies that are worth keeping an eye on this week are Ripple (XRP), Cardano (ADA), and Dogecoin (DOGE).
Ripple’s XRP token is currently trading below $2.50, after breaching the $3 mark earlier this year. The low prices could present a good entry point for new investors, as XRP is expected to rally later in the year. Cardano (ADA) is another cryptocurrency trading at around $0.70, with a strong development team behind it. The asset’s price could pick up steam in the coming weeks.
Dogecoin (DOGE) is a memecoin that has gained significant traction, especially after President Trump greenlit the creation of the Department Of Government Efficiency (D.O.G.E.) with Elon Musk at its head. Musk, a vocal supporter of DOGE, is also working on a satellite project funded entirely with the cryptocurrency. This move could boost DOGE’s adoption and price, making it a cryptocurrency to watch for potential growth.
Overall, while the cryptocurrency market may be stumbling at the moment, there are still opportunities for investors to capitalize on. Keeping an eye on these top three cryptocurrencies could lead to good returns in the coming weeks.