As the cryptocurrency market enters another bullish phase, particular assets are making noteworthy moves. Attention is drawn to three cryptocurrencies this week with promising short-term prospects.
The global cryptocurrency market cap has increased to $2.33 trillion. This growth may be attributed to the recent 50 basis point cut in interest rates by the Federal Reserve, the first such action in four years. This reduction often encourages higher risk investment. Highlighted here are Solana, Ripple’s XRP, and Avalanche, prominent cryptocurrencies warranting attention.
Solana, symbolised as SOL, has demonstrated remarkable performance in recent days. The asset has surged by 11.8% on the weekly charts and almost 15% over the past fortnight. Although SOL is down by 5% in the last month, it has achieved an impressive rally of 653% since September 2023. Analysts from CoinCodex predict that SOL will stabilise at approximately current levels during this week, with prospects of another rally in October.
Ripple’s XRP token has recently experienced a significant recovery. It has increased by 2.9% on the weekly charts and by 11.9% over the past fourteen days. Despite this, XRP remains in the red on both daily and monthly charts, with decreases of 0.6% and 3.5%, respectively. CoinCodex forecasts XRP to reach $0.80 by 27 September 2024, although a subsequent correction is expected soon after.
Avalanche, recognised by the ticker AVAX, has shown notable growth over the past few days. The cryptocurrency is performing well across various metrics, increasing by 1% on the daily charts, 16.3% on the weekly charts, 17.9% over the past two weeks, and 4.8% in the past month. Since September 2023, AVAX has climbed by 210.3%. Analysts from CoinCodex anticipate that AVAX will rise to $34.66 by 25 September 2024, before experiencing a correction to around current levels.
Monitoring these key cryptocurrencies could provide valuable insights into market trends. Their performances reflect broader market dynamics influenced by economic factors.
As interest rates decline, investor risk tolerance seems to increase, making it essential to stay informed on potential movements within the crypto space.
