The cryptocurrency market seems to be undergoing another correction, with Bitcoin (BTC) dipping 3.4% in the weekly charts to $61,242. The global crypto market cap has fallen 2.8% in the last 24 hours to $2.23 trillion. The market dip goes against the historical trend of October being a bullish month for the crypto market.
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Why Is The Crypto Market Down?
October has historically been bullish for cryptocurrencies, especially if September ends in the green. Last month, several bullish developments unraveled. The Federal Reserve cut interest rates by 50 basis points, boosting investor sentiment.
Bitcoin (BTC) briefly reclaimed the $66,000 level by the end of last month. Despite the positive developments, market participants seem to have lost their confidence.
The latest correction could be due to Iran’s attack on Israel and the growing geopolitical tension in the Middle East.
Top 3 Cryptocurrencies To Watch This Weekend
1. Ripple’s XRP
Source – Coinpedia
Ripple’s XRP token has faced a 10.7% correction in the daily charts and a 7.6% correction over the last week. The low prices could be a good entry point for new investors. With Ripple’s lawsuit with the SEC now a thing of the past, the cryptocurrency could have a bright future.
Also Read: SEC Files Notice Of Appeal in Ripple XRP Case
Source: CoinGecko
2. Shiba Inu (SHIB)
Source – Token Metrics
SHIB is one of the few cryptocurrencies currently trading in the green zone. The daily charts show that the asset is down 0.7% but is up 6.8% over the previous week. SHIB has also rallied by more than 21% in the last month.
Source: CoinGecko
With mainstream crypto assets taking a hit, meme coins like SHIB could see a price surge over the next few days.
3. Pepe (PEPE)
Source – CoinGape
PEPE is another meme cryptocurrency that should be on your watchlist for this weekend. While the asset has faced a 6.6% correction in the daily charts, it is still up by 10.4% in the weekly charts and nearly 22% over the previous month.
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Source: CoinGecko
