The cryptocurrency market seems to be regaining momentum after a steep correction last month. Bitcoin (BTC) is inching closer to the $100,000 once again. The global crypto market cap has risen to $3.7 trillion.
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Why Is The Cryptocurrency Market Rising?
The crypto market faced a significant price correction last month. The dip followed the increase in US inflation figures. The Federal Reserve took a hawkish stance with its monetary policy. The Fed’s move led to significant investor worry, causing a dip in risky assets.
The latest market rise could be due to Donald Trump’s inauguration on Jan. 20, 2024. Trump’s pro-crypto stance has made the President-elect a poster child for the crypto industry. Trump has also backed his cryptocurrency project, World Liberty Financial.
Many anticipate the crypto market will experience an extended bull run under Trump’s leadership. Authorities may enforce very lenient regulations on the industry.
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Top 3 Cryptocurrencies To Watch This Week
1. Ripple (XRP)
Ripple’s XRP token had quite a year in 2024. The fintech company settled its lawsuit with the SEC with a $125 million fine. The asset also breached the $2 mark for the first time in nearly seven years.
XRP may be gearing up for a significant price rally this year. The cryptocurrency is currently outperforming the likes of Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
2. Cardano (ADA)
Cardano (ADA) has performed incredibly well over the last few days. The asset is currently the best-performing cryptocurrency among the top 10 projects by market cap in the weekly charts.
ADA may continue to rally over the next few days as we inch closer to Trump’s inauguration.
3. Avalanche (AVAX)
AVAX is also outperforming major cryptocurrencies, such as Bitcoin (BTC), Solana (SOL), etc., in the weekly charts. The asset’s market cap may overtake TRON’s (TRX) soon.
AVAX should be on your watchlist for the foreseeable time.
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