The cryptocurrency market has taken a significant beating over the last month. Bitcoin (BTC) briefly fell below $80,000. The global crypto market cap has dipped 3.9% in the previous 24 hours to $2.75 trillion. Many anticipated the crypto space to take off this year, given the pro-crypto leadership in the US. Things have not gone as many expected.

Also Read: XRP Price: Will $2 Hold Against Growing Bearish Momentum?

Cryptocurrency Market Faces Wrath Of Global Economics

Cryptocurrency market chart showing bear trap pattern with red candlesticks
Source: Watcher Guru

The latest market dip came after the US announced tariffs against the European Union (EU). The EU said it would reply with similar taxes against the US. The US previously announced tariffs against Mexico and Canada. Investors are weary about how the tariffs would impact global economics. Cryptocurrencies have taken a beating amid macroeconomic concerns.

Also Read: 3 Reasons Why De-Dollarization Can’t Be Stopped: Should the US Be Worried?

The market dip also comes amid bullish developments in the US. The US announced the establishment of a Bitcoin (BTC) reserve and a digital asset stockpile. The cryptocurrency market could benefit from such a policy.

Top 3 Cryptocurrencies That Could Hit New Peaks Post ETF Approvals

1. Solana (SOL)

solana cryptocurrency candlesticks
Source: CoinCodex

SOL hit an all-time high of $293.31 earlier this year on Jan. 19. The cryptocurrency has fallen by 57.5% since its January highs. There is a possibility that the SEC will approve a SOL ETF sometime this year. An ETF could push the asset to a new peak.

2. Ripple (XRP)

Ripple XRP cryptocurrency
Source: Reddit

Ripple’s XRP token had a bullish leg earlier this year. The cryptocurrency breached the $3 mark for the first time in nearly seven years. XRP may also get an ETF in 2025. If the SEC approves an XRP ETF, the underlying asset could climb to a new all-time high.

3. Litecoin (LTC)

litecoin ltc
Source: tokenmetrics

LTC displayed quite a remarkable performance at the start of 2025. There is a big chance that the cryptocurrency will get an ETF approval from the SEC. According to a report by Bloomberg ETF analysts, LTC had the highest chances of an ETF approval.

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