The cryptocurrency market experienced a significant price correction today. Bitcoin (BTC) has fallen back to the $95,000 price point. The global crypto market cap has dipped 8.3% in the last 24 hours to $3.5 trillion. According to CoinGlass, $622 million was liquidated from the crypto market in the previous 24 hours.
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Why Is The Cryptocurrency Market Falling?
The latest market correction comes after the US jobs data announcement. The figure was better than what many had expected. The high jobs figures may thwart any hopes of an early interest rate cut in 2025. Such developments tend to scare investors away from risky assets.
The jobs data, coupled with rising inflation figures last month, may have led market participants to become weary about cryptocurrencies. The Federal Reserve took a hawkish stance with its monetary policy to combat rising inflation. The central bank announced only two interest rate cuts in 2025 instead of three. The latest jobs data has added another reason for the Fed to halt its interest rate cut plans.
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Top 3 Cryptocurrencies Predicted To Rally More Than 100%
1. Dogecoin (DOGE)
DOGE may break into a rally after President-elect Donald Trump assumes office. Trump has greenlit Elon Musk’s idea for a Department Of Government Efficiency (D.O.G.E). The move may lead to the meme cryptocurrency hitting a new high.
According to CoinCodex, DOGE will hit $1.05 on Apr. 7, 2025. Hitting $1.05 from currency price levels will lead to a rally of about 200.6%.
2. Pepe (PEPE)
PEPE is among the best-performing cryptocurrencies of the last year. The asset was quick to climb into the top 30 projects by market cap.
According to CoinCodex, PEPE could hit a new all-time high of $0.00006313 on Feb. 5, 2025. Hitting $0.00006313 from current price levels will entail a rally of about 245.35%.
3. Bonk (BONK)
BONK is another dog-themed cryptocurrency that has displayed incredible growth. Like PEPE, BONK is also a Solana-based memecoin.
According to CoinCodex, BONK could hit a new peak of $0.000147 on Feb. 15, 2025. Hitting $0.000147 from current price levels will translate to a rally of about 398.14%.
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