The cryptocurrency market has witnessed a significant correction over the last few days. Bitcoin (BTC) has fallen below $60,000 again, and the global crypto market cap has dipped 6.5% in the previous 24 hours to $2.18 trillion.
Why is The Crypto Market Slumping?
The latest cryptocurrency market correction could be due to low investor sentiment. Market participants may be booking profits, fearing another dip.
Also Read: VeChain: Here’s How To Be A Millionaire When VET Hits $0.7
The correction is surprising given that the Federal Reserve has announced interest rate cuts since September 2024. Traders have awaited an interest rate cut, anticipating one later this year. The long wait seems to be finally coming to an end. A rate cut could lead to new capital flowing into risky assets.
Top 3 Cryptocurrencies Predicted to Hit All-time Highs in September 2024
1. Pepe (PEPE)
PEPE has displayed stellar performance since its launch in April 2023. The asset quickly climbed the list and is currently the 31st largest project by market cap. However, PEPE is down 54.7% from its all-time high of $0.00001717, which it attained in late May 2024.
Also Read: Ripple: How To Be A Millionaire When XRP Reclaims Its All-Time High
According to the researchers at CoinCodex, the from-themed cryptocurrency will have a bullish month in September. The platform predicts PEPE will surpass its all-time high on Sept. 17, 2024. The asset is expected to rally, hitting a high of $0.00002629 on Sept. 25, 2024.
2. Bonk (BONK)
BONK, the Solana-based memecoin, has also witnessed incredible growth over the last year. BONK is currently down by nearly 60% from its all-time high of $0.00004547, which it attained in early March 2024.
According to CoinCodex data, the dog-themed meme cryptocurrency could hit a new all-time high of $0.00006090 on Sept. 25, 2024.
3. Dogwifhat (WIF)
WIF is another dog-themed cryptocurrency that has grown substantially in the last few months. However, the asset is currently down 66.6% from its all-time high of $4.83, which it attained in late March 2024.
Also Read: Dogecoin (Doge) and Dogwifhat (WIF)Price Prediction For September 2024
According to CoinCodex analysts, WIF will hit a new all-time high of $5.51 on Sept. 25, 2024.
