The cryptocurrency is making another upward attempt. Bitcoin (BTC) is once again testing the $105,000 level. The original crypto unsuccessfully tried to breach this price point last week. BTC is making another herculean effort to breach $106,000. The global crypto market cap has risen to $3.47 trillion.
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Cryptocurrencies Hold Ground
The crypto market faced a correction on Monday after Moody’s downgraded the US government’s creditworthiness based on its national debt. The move may have spooked investors and market participants.
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There is a chance that the Federal Reserve will cut interest rates in its next meeting. A rate cut could lead to a surge in cryptocurrency investments. A drop in interest rates will make borrowing easier. Such an environment could lead to a rise in risky investments.
Top 3 Cryptocurrencies That Reclaim Their All-Time Highs
1. Bitcoin (BTC)
BTC is the market leader, and other assets will likely not move unless BTC does. The original cryptocurrency is down by just 2.4% from its all-time high of $108,786. There is a high probability that BTC will rise to a new peak very soon.
2. Binance Coin (BNB)
Binance’s BNB token is another cryptocurrency that could rise to a new all-time high very soon. BNB is down by 17.3% from its all-time high of $788.84. The asset has a high chance of reaching a new peak, given that market conditions are favorable.
3. Ripple (XRP)
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Ripple’s XRP token could be in for an explosive rally sometime this year. The cryptocurrency had an incredible start to the year. XRP breached the $3 mark earlier this January for the first time in nearly seven years. XRP is currently down by nearly 30% from its all-time high of $3.40. The asset may hit a new all-time high if BTC continues its upward trajectory.
