Krutika Adani
Despite the recent crash, the price of top cryptocurrencies like Bitcoin, XRP, Solana and others are still inside their bullish zones.
Further, the US Fed has singaled towards three rate cuts of 0.25% each in 2024, which the markets have been waiting for since 2023.
Since Bitcoin commands 56% of the market cap, a correction in the greater markets would only sustain if a corresponding correction takes place in Bitcoin. Interestingly, Bitcoin has been highly bullish in August 2024.
$2.5 billion worth of stablecoins are about to enter the crypto markets. Such events have mostly resulted in market rallies, not corrections.
Though, there has been little to no signs of a market correction yet, it is critical that we exercise caution while investing or trading. Any negative news could trigger another sell-off like the most recent earlier this month.