The cryptocurrency market has lost significant traction over the last few weeks. Bitcoin (BTC) rose to an all-time high of $108,786 on Jan. 20, 2025. The original crypto has dipped by nearly 10% since its peak. The global crypto market cap has also fallen to $3.35 trillion. The current state of the crypto market is surprising because we now have a pro-crypto administration in the US.
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Cryptocurrencies Suffering Due To Global Economics?
The cryptocurrency market may be in a slump due to macroeconomic factors. The market dipped after US President Donald Trump announced additional tariffs on various fronts. President Trump said he’d levy a 25% tax on steel and aluminum. The President may also levy tariffs on countries imposing taxes on US goods. The move has led to worry about slowed economic growth.
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The Federal Reserve is also yet to announce an interest rate cut. A rate cut could boost investor sentiment. Market participants may increase their risks in such a scenario. The cryptocurrency market could benefit from such a development.
Top 3 Cryptocurrencies That Could Hit New All-Time Highs
1. Ripple (XRP)
According to CoinCodex, XRP will consolidate for the time being before breaking out. The platform anticipates the cryptocurrency to breach the $4 mark and hit a new all-time high of $4.26 on April 15, 2025.
2. Binance Coin (BNB)
Binance BNB is also expected to rally over the coming months. CoinCodex anticipates the cryptocurrency to breach the $1000 mark in May. The platform predicts BNB to hit $1048.90 on May 3, 2025.
3. Dogecoin (DOGE)
DOGE is another cryptocurrency that could rally over the coming weeks. CoinCodex predicts the asset to finally breach the $1 mark. The platform anticipates DOGE to hit $1.001 on May 6, 2025.
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