The cryptocurrency market continues its lackluster performance. Bitcoin (BTC) has fallen to the $96,000 level and is inching closer to the $95,000 price point. The global crypto market cap has dipped 2.5% in the last 24 hours to $3.33 trillion.
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New Bearish Developments Hurting The Cryptocurrency Market
The latest dip could be due to Argentine President Javier Milei facing pump-and-dump accusations related to the Libra (LIBRA) token. The project’s market cap surged to $4.56 billion before plummeting nearly 94%.
On the other side of the world, India’s Directorate of Enforcement (ED) seized $190 million worth of cryptocurrencies. The assets were connected to the fraudulent Bitconnect platform.
Both developments may have caused a spike in investor worry. Macroeconomic factors may have also added to the dip in investor sentiment. Market participants may be weary about investing in risky assets like cryptocurrencies.
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Top 3 Cryptocurrencies That Could Gain This Week
1. Ripple (XRP)
Ripple’s XRP has rallied by 11.7% in the weekly charts. The asset has made quite an impression on the cryptocurrency community this year. XRP breached the $3 mark earlier this year for the first time in nearly seven years. The asset could continue its rally over the coming weeks.
2. Cardano (ADA)
ADA has also experienced quite a rally over the last week. The cryptocurrency is up by more than 16% in the weekly charts. ADA is currently outperforming Bitcoin (BTC), Solana (SOL), and Ripple’s XRP, among others.
3. Litecoin (LTC)
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LTC was among the best-performing cryptocurrencies in the top 100 projects last week. The asset’s price surged after Bloomberg ETF analysts said that the asset has a 90% chance of getting an ETF this year. LTC has faced a correction in the daily charts but is up double digits in the weekly charts.
