The cryptocurrency market has faced a significant correction. Bitcoin (BTC) has fallen below $94,000, and the global crypto market cap has dipped 3.5% in the last 24 hours to $3.38 trillion. The market dip presents a good opportunity for investors to purchase more assets at a cheaper price. The move could help market participants to lower their average buying cost.
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Why Is The Cryptocurrency Market Crashing?
This is the second market dip in the last month-and-a-half. The crypto market dipped in December 2024 after inflation in the US increased to 2.7%. The Federal Reserve took a hawkish stance with its monetary policy to combat rising inflation. The Fed announced only two interest rate cuts in 2025 instead of three.
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The cryptocurrency market took another dip in January 2025 after US jobs data came in better than expected. The development has cast a shadow on expectations of an early interest rate cut this year.
According to prominent cryptocurrency analyst Ali Martinez, inflows into the crypto market have declined by 56.70% over the last month.
Top 3 Cryptocurrencies To Watch During The Dip
1. Binance Coin (BNB)
Binance’s BNB token follows the general market downtrend. The cryptocurrency is expected to hit a new all-time high of $1070.78 on Apr. 11, 2025. Hitting $1070.78 from current price levels will entail a rally of about 57.26%.
2. Ripple (XRP)
XRP is another cryptocurrency that could experience a breakout over the next few weeks. According to CoinCodex, XRP could hit a new all-time high of $4.73 on Mar. 29, 2025. Hitting $4.73 from current price levels will translate to a rally of about 92.28%.
3. Cardano (ADA)
Cardano (ADA) had quite a rally by the end of 2024. The cryptocurrency is expected to rally over the next few weeks. According to CoinCodex, ADA could surge to $2.59 on Mar. 18, 2025. Hitting $2.59 from current price levels will lead to a rally of about 178.49%.
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