The cryptocurrency market has faced a slight correction today. Bitcoin (BTC) has dipped to the $102,000 level after testing $105,000 for a couple of days. The global crypto market cap has fallen 3.6% in the last 24 hours to $3.4 trillion.
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Cryptocurrencies Dip After Long Liquidations
The latest market dip is likely due to Bitcoin’s (BTC) descent to $102,000. BTC faced substantial long liquidations after it briefly fell to $101,899. Prominent crypto analyst Ali Martinez highlighted that $1.45 billion worth of long positions would be liquidated if the cryptocurrency fell below $102,700.
The market dip may have been propelled by investors booking profits. BTC faced substantial resistance at $105,000. Many market participants may have sold after their portfolio turned green.
Also Read: University of Brighton Professor Predicts Ripple (XRP) to Reach $6.10
The cryptocurrency market may make a comeback over the coming weeks. Global trade wars seem to be settling down. The US has signed several new trade deals with partners. The Federal Reserve is also expected to cut interest rates soon. These developments could lead to a boost in investor sentiment.
Top 3 Cryptocurrencies That Could Define The Next Bull Run
1. Ripple (XRP)
Ripple’s XRP token had a rough few years. The SEC’s lawsuit against the fintech company weighed down the cryptocurrency’s performance. XRP did not rally much even during the 2021 bull run. Things will likely be a lot different this time around.
2. TRON (TRX)
TRX has seen incredible growth over the last year. The TRX network has also expanded at a rapid rate. The 10th largest cryptocurrency project will likely play a central role in the next bull run.
3. Dogecoin (DOGE)
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DOGE may get an ETF sometime this year. The meme cryptocurrency may see a massive price spike if an ETF is approved. DOGE will also likely see incredible growth in the next bull run. The memecoin could even breach the $1 mark.
