The cryptocurrency market is undergoing a significant price correction. Bitcoin (BTC) briefly fell below $60,000 on Oct. 3, 2024, but has since reclaimed the $61,000 mark. The global crypto market cap has dipped 1.2% in the last 24 hours to $2.23 trillion.
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Why Is The Crypto Market Down?
The current market scenario defies historical trends. Although October has historically been a bullish month for cryptocurrencies, the current trend goes against historical data.
The latest correction could be due to increased political tensions in the Middle East. The Iran-Israel conflict may have spooked market participants, and investors may have moved away from risky assets, such as crypto.
Let’s look at three assets that may witness a rally over the coming weekend.
Top 3 Cryptocurrencies That May Rally This Weekend
1. Shiba Inu (SHIB)
Source: DailyHodl
SHIB has experienced a substantial correction in the last few days. The week before the current dip saw quite a healthy rally for the meme coin.
Also Read: Shiba Inu: Here’s How To Be A Millionaire With SHIB By 2028
According to CoinCodex data, the meme cryptocurrency could breach $0.00002 this weekend. The platform predicts SHIB will hit $0.00002073 on Sunday, Oct. 6, 2024. A rally of about 24.6% would result if SHIB hit this price level.
Source: CoinCodex
2. XRP
Source – Coinpedia
Ripple’s XRP token has struggled to gain momentum despite the fintech company settling its lawsuit with the SEC.
CoinCodex analysts anticipate the cryptocurrency to reach $0.565514 on Sunday, Oct. 6, 2024. The platform expects the asset to breach the $0.70 mark next week. Hitting $0.70 from current price levels will result in a rally of about 34.6%.
Source: CoinCodex
3. Bonk (BONK)
Source: Inside Bitcoins
BONK is another cryptocurrency that has faced a substantial correction over the last few days.
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According to CoinCodex researchers, BONK could surge to $0.00002108 on Sunday, Oct. 6, 2024. Hitting $0.00002108 from current prices will entail a rally of about 3.18%. The platform anticipates BONK to continue rallying over the next few weeks, hitting a new all-time high of $0.00006272 by the end of this month.
Source: CoinCodex