The cryptocurrency market is undergoing another correction after a brief rally over the weekend. Bitcoin (BTC) is moving closer to falling below $62,000, and the global crypto market cap has dipped 3.9% in the last 24 hours to $2.26 trillion.
While the correction may be alarming, we may witness a resurgence very soon, given that historically, October has been a bullish month for the cryptocurrency market.
Also Read: XSGD Stablecoin Launch: Singapore’s Dollar-Backed Crypto on Bitstamp
Why Is The Market Falling Today?
The latest correction could be due to several reasons. Growing tensions in the Middle East may have spooked investors away from risky assets. Investors may be anticipating a market dip if the conflict between Iran and Israel continues.
Another reason for the cryptocurrency market dip could be the US Supreme Court not accepting the case regarding the $4.4 billion worth of Bitcoin (BTC) seized from the Silk Road dark web marketplace. The US government may decide to sell the seized assets, which may lead to a further correction.
Top 3 Cryptocurrencies To Watch In Q4 2024
1. Pepe (PEPE)
Source – Cryptopolitan
PEPE is among the best-performing crypto assets of the last year. Since its launch in April 2023, the frog-themed meme coin has delivered a stellar performance.
Also Read: Shiba Inu: Will Elon Musk’s Tesla Accept SHIB?
PEPE is currently down 44.8% from its all-time high of $0.00001717. CoinCodex analysts anticipate the cryptocurrency reclaiming its all-time high later this month. The platform predicts the asset will continue rallying, hitting a high of $0.00003491 on Nov. 5, 2024. Reaching $0.00003491 from current prices will translate to a rally of about 267.5%.
Source: CoinCodex
2. Popcat (POPCAT)
POPCAT is another meme cryptocurrency with incredible performance over the last few months. The asset hit an all-time high of $1.47 yesterday but has since fallen by 19.7%.
CoinCodex analysts anticipate POPCAT to continue rallying over the next few months, hitting a high of $4.41 on Nov. 5, 2024, a rise of about 270.5% from current levels.
Source: CoinCodex
3. dogwifhat (WIF)
Source – Biztech Africa
WIF is another meme coin with incredible returns so far. Although the cryptocurrency has faced a significant correction over the last few days, it is anticipated to turn the tide over the next few weeks.
Also Read: Cardano: Buying ADA Dip May Prove Lucrative In Future, Analyst Says
CoinCodex researchers predict WIF will hit $8.49 on Nov. 5, 2024. A rally of about 243.7% will be required to reach this price level.
Source: CoinCodex
