The cryptocurrency sector has faced major challenges in recent weeks. The market experienced a boom with the launch of eleven Bitcoin (BTC) exchange-traded funds (ETFs) in 2024. However, despite some handsome gains, the market stagnated during the summer.
What are the reasons for the current market gloom?
The Federal Reserve’s hesitation to cut interest rates this year may have contributed to the crypto market’s poor performance. Although traders and investors expected a rate cut by September, the Fed has not provided any information on whether it will cut rates the following month.
The increase in global geopolitical tensions may also have had a negative impact on the cryptocurrency market. The conflict in the Middle East may have discouraged investors from buying risky assets such as cryptocurrencies.
Top 3 Cryptocurrencies to Buy Before the Bull Run
1. Shiba Inu (SHIB)
SHIB has been one of the best performing crypto assets over the past four years. However, the dog-themed meme coin has seen a significant correction over the past month and the price has dropped to the $0.000013 level.
Also read: Top 3 cryptocurrencies to buy during the market crash
SHIB is currently 84% below its all-time high of $0.00008616, which it reached in October 2021. Many analysts expect the cryptocurrency to revisit its peak during the next bull run.
2. Cardano (ADA)
Cardano is one of the most development-intensive crypto projects on the market. Despite its strong fundamentals, ADA has had to overcome significant hurdles in recent years.
ADA has fallen more than 89% from its all-time high, leaving plenty of room for lucrative gains should the cryptocurrency recover.
3. Pepe (PEPE)
Pepe is one of the best performing assets of the last year. The meme coin has quickly climbed up the charts and is currently the 27th largest cryptocurrency by market cap.
Also read: Cryptocurrency: The top three memecoins to keep an eye on during the price crash
According to a recent post by a former Goldman Sachs analyst, the number of meme coins in the top 100 projects will increase from the current seven to over 25. The comment suggests that meme coins could see a massive surge in inflows this cycle.
