The cryptocurrency market is undergoing a significant price correction. Bitcoin (BTC) briefly fell below $60,000 on Oct. 3, 2024, but has since reclaimed the $61,000 mark. The global crypto market cap has dipped 1.2% in the last 24 hours to $2.23 trillion.
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Why Is The Crypto Market Down?
The current market scenario defies historical trends. Although October has historically been a bullish month for cryptocurrencies, the current trend goes against historical data.
The latest correction could be due to increased political tensions in the Middle East. The Iran-Israel conflict may have spooked market participants, and investors may have moved away from risky assets, such as crypto.
Let’s look at three assets that may witness a rally over the coming weekend.
Top 3 Cryptocurrencies That May Rally This Weekend
1. Shiba Inu (SHIB)
SHIB has experienced a substantial correction in the last few days. The week before the current dip saw quite a healthy rally for the meme coin.
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According to CoinCodex data, the meme cryptocurrency could breach $0.00002 this weekend. The platform predicts SHIB will hit $0.00002073 on Sunday, Oct. 6, 2024. A rally of about 24.6% would result if SHIB hit this price level.
2. XRP
Ripple’s XRP token has struggled to gain momentum despite the fintech company settling its lawsuit with the SEC.
CoinCodex analysts anticipate the cryptocurrency to reach $0.565514 on Sunday, Oct. 6, 2024. The platform expects the asset to breach the $0.70 mark next week. Hitting $0.70 from current price levels will result in a rally of about 34.6%.
3. Bonk (BONK)
BONK is another cryptocurrency that has faced a substantial correction over the last few days.
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According to CoinCodex researchers, BONK could surge to $0.00002108 on Sunday, Oct. 6, 2024. Hitting $0.00002108 from current prices will entail a rally of about 3.18%. The platform anticipates BONK to continue rallying over the next few weeks, hitting a new all-time high of $0.00006272 by the end of this month.
