The cryptocurrency market is undergoing another correction, with Bitcoin (BTC) falling to the mid-$57,000 level. The global crypto market cap has dipped by 2.8% in the last 24 hours to $2.11 trillion.
Why is The Crypto Market Down?
Over the last few days, there has been an increasing flow of capital from regular cryptocurrencies to stablecoins. The move to stablecoins signals investor reluctance to keep their capital in crypto, probably due to a lack of confidence. Investors may be anticipating BTC’s price to drop further. Low on-chain activity may also have played a part.
Also Read: Shiba Inu Whale Pockets 1 Trillion SHIB, Whale Activity Surges
Cryptocurrency investors and traders are now focussed on this week’s US jobs data. The data will be crucial in understanding the Federal Reserve’s stance on the September interest rate cuts.
With prices down, look at three crypto assets you could watch this week.
Top 3 Cryptocurrencies to Watch This Week
1. Solana (SOL)
Source – CoinCentral
SOL has had an incredible run over the last year and a half. The asset fell to below $10 after the FTX collapse in 2022, to over $200 earlier this year.
Source: CoinGecko
Despite the stellar performance over the last year, the cryptocurrency has faced a significant correction over the last few days, falling 2.4% in the daily charts, 19.7% in the weekly charts, 9.1% in the 14-day charts, and 15% over the previous month.
Also Read: ‘Pains Me To Say But Dogecoin Will Keep Bleeding’: Analyst
2. Binance Coin (BNB)
Source: Binance
Another cryptocurrency that has performed exceptionally well over the past year is Binance’s native coin, BNB. The asset has increased by 135.4% since September 2023.
Source: CoinGecko
Like the general market, BNB has also faced a significant price drop over the last few days. The cryptocurrency is down by 2.6% in the daily charts, 10.4% in the weekly charts, 5.3% in the 14-day charts, and 6.8% over the previous month.
3. Avalanche (AVAX)
Source: cryptopolitan
AVAX witnessed a strong rally last month, but the cryptocurrency has since cooled down. AVAX is down nearly 19% over the last week and 8% over the last month.
Source: CoinGecko
The asset maintains gains in the 14-day and yearly charts, up by 5.9% and 120.3%, respectively.
Also Read: Ripple: How Long Should You Wait For XRP to Hit $5?