The cryptocurrency market made a brief recovery over the last weekend. Bitcoin (BTC) reclaimed the $106,000 level but has since fallen to just above $102,000. The global market cap has fallen 3.9% in the last 24 hours to $3.69 trillion.
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Why Is The Cryptocurrency Market Struggling To Gain Momentum?
The crypto market has faced two significant corrections over the last two months. The market dipped in December 2024 after the Federal Reserve took a hawkish stance to curb rising inflation in the US. The Fed announced only two interest rate cuts in 2025 instead of three.
The cryptocurrency market took another dip in January 2025 after US jobs data came in better than anticipated. The development cast a shadow on the possibility of an early interest rate cut this year.
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Despite a pro-cryptocurrency administration coming into power in the US, crypto market participants continue to exert caution.
Top 3 Cryptocurrencies That May Rally This Week
1. Official Trump (TRUMP)
US President-elect Donald Trump has launched a new cryptocurrency coin called Official Trump (TRUMP). The coin has made waves in the market and is currently the best-performing crypto among the top 100 projects in the daily charts.
The asset may continue to surge over this week as Trump takes oath as the 47th President of the United States later today.
2. Dogecoin (DOGE)
DOGE is another cryptocurrency that may rally this week. Trump has greenlit the creation of the Department Of Government Efficiency (D.O.G.E.) with Elon Musk and Vivek Ramaswamy at its head. Musk is one of the most significant Dogecoin fans. The creation of D.O.G.E. was also his request.
DOGE may begin a massive rally once the D.O.G.E. office commences work.
3. Ripple (XRP)
XRP experienced a significant price spike over the last few weeks. The asset breached the $3 mark for the first time in nearly seven years.
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Ripple CEO Brad Garlinghouse recently had dinner with Donald Trump. The two may have had discussions about the cryptocurrency industry in the US. XRP could witness another big rally later this week.