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Highlights
- Another crypto market crash has occurred with Bitcoin, XRP, Solana, and Dogecoin recording significant price drops.
- This market crash comes amid market uncertainty and wave of sell-offs among investors.
- Over $200 million has been liquidated from the market in the last 24 hours.
Another crypto market crash has occurred, with Bitcoin, XRP, Solana, and Dogecoin prices experiencing significant declines. This development comes amid economic uncertainty and the bearish sentiment among investors.
Crypto Market Crash: Why Bitcoin, XRP, Solana, And Dogecoin Are Dropping
CoinMarketCap data shows that the Bitcoin, XRP, Solana, and Dogecoin prices are dropping today amid another crypto market crash. This development has occurred amid global economic uncertainty, especially with the tariffs still looming.
Although the US, Mexico, and Canada had agreed to a one-month pause on the tariffs, there remains the one that Donald Trump and the US had placed on China’s imports. In retaliation, China also imposed tariffs on US goods. Meanwhile, the country is also conducting an antitrust investigation into Google.
Trump has also announced that he will introduce “reciprocal tariffs” next week to address unfair tariffs imposed by other countries on US goods. Although he didn’t state what countries exactly, there is the belief that he is likely referring to countries in the European Union.
This has sparked a wave of sell-offs in the crypto market, with these developments sparking market uncertainty. Crypto analyst Ali Martinez revealed in an X post that $2.73 billion in Bitcoin profits were realized yesterday, which increased selling pressure in the market, a move that has also contributed to the crypto market crash.
XRP, Solana, and Dogecoin were also bound to drop alongside the Bitcoin price, given the flagship crypto’s impact on altcoins. As a result of the crash, the market has witnessed over $235 million in liquidations. Long positions took the most hit, with $173 million liquidated.
Market At Pivotal Levels
In an X post, crypto analyst Justin Bennett stated that the crypto market is at pivotal levels. The analyst noted that Tether’s dominance just secured its highest daily, 3-day, 5-day close since early November and that the 4.4% area is serving as support so far this week.
Bennett stated that he isn’t making any calls yet as it is too marginal, and the break from the USDT.D could fail. However, he added that this is something to be aware of and monitor this month.
In the meantime, the analyst looks to be bearish on the Bitcoin price and the broader crypto market. However, he remarked that if Tether’s dominance drops back inside the range on the high time frames, specifically back below the 4.37% level, then he will flip short-term bullish on BTC. Until then, he opined that caution is needed.
The Bull Run Might Not Be Over
Amid the crypto market crash, crypto stakeholders have suggested that the bull run is far from over. Cardano founder Charles Hoskinson recently asserted that 2025 is crypto’s year.
He alluded to how the market showed strength amid the $2 billion liquidation which it faced earlier this week. This is why the Cardano founder is convinced that this bull run will be huge for the market.
From a technical perspective, crypto analysts have also suggested that the Bitcoin price will still reach new highs. These analysts are also bullish on altcoins. Crypto analyst Dark Defender recently predicted that the XRP price could rally to as high as $8.
Ali Martinez stated that the Dogecoin price could still reach $10 in this cycle as long as it holds above $0.19. Meanwhile, asset manager VanEck predicted that the Solana price will reach $250 before year-end.
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