Due to ongoing profit-taking in the cryptocurrency market, Dogecoin (DOGE) and Cardano (ADA) have experienced sharp declines, while Bitcoin (BTC) continues to hold above $104,000.
Recently, profit realization pressure is re-emerging in the cryptocurrency market. Especially the sales from Dogecoin and Cardano investors have caused significant declines in altcoins, while Bitcoin is showing a relatively stable stance despite the market's uncertainty.
In the last 24 hours, Dogecoin has dropped to $0.18917 and Cardano has fallen to $0.67764, triggering the downward trend in the market. Additionally, other major cryptocurrencies like XRP, Solana (SOL), and Binance Coin (BNB) have also lost about 1.5% of their value. Tron (TRX), on the other hand, gained 1.9%, making it one of the rare rising assets in the market.
New peak scenario for Bitcoin
Despite these short-term uncertainties in the crypto market, experts point to potential increases in Bitcoin prices. FxPro's chief analyst Alex Kuptsikevich noted that Bitcoin's recent recovery from $103,000 could bring new peaks in the near term. The analyst believes that BTC could exceed $130,000 in the upcoming period.
On the other hand, Ethereum (ETH) is struggling to break through the important resistance level of $2,700. If this level is broken, it is anticipated that the overall optimism in the market could strengthen.
CryptoQuant indicated that there is a possibility of a correction to the average purchase price of short-term investors, which is $96,700, and called on investors to be cautious.
Stay tuned for new developments