Crypto Market Faces Profit-Taking Pressure as Dogecoin and Cardano Lead the Slide
Bitcoin remains stable above $105,000, while altcoins such as Dogecoin and Cardano experience declines amid regulatory uncertainty.
Profit-taking continues to impact the cryptocurrency markets as Dogecoin and Cardano lead notable declines among major tokens. Meanwhile, Bitcoin has shown stability, trading around $105,000 amid existing uncertainties in the market.
Key Points:
- Dogecoin and Cardano’s ADA are leading the declines in a quick profit-taking phase.
- XRP, Solana’s SOL, and BNB are also down by approximately 1.5%, while Tron stands out with a gain of 1.9%.
“Recent macro and policy conditions have created uncertainty in risk-on assets, which is reflected in the current Bitcoin price,” said Anna Liu, CEO of HashKey Tokenization.
“While we believe there will likely be volatilities in Bitcoin and cryptocurrencies, we remain positive on BTC as a strategic asset for investors in the longer term,” she added, indicating that despite the headwinds, institutional investors are still considering crypto allocations.
Market sentiment has dipped slightly but remains in the greed zone, with a fear and greed index scoring 62. Analysts, including Alex Kuptsikevich from FxPro, suggest Bitcoin’s recent resurgence might pave the way for new highs, potentially above $130,000.
