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.

Cryptocurrency prices dropped sharply on Friday, with Bitcoin, XRP, Solana, and Dogecoin experiencing significant declines amid another crypto market crash.

This development comes against the backdrop of global economic uncertainty, with the tariffs still remaining a point of contention.

Despite a brief pause on the tariffs between the US, Mexico, and Canada, the ones imposed by Donald Trump and the US on China’s imports continue to be in place.

In response, China has also imposed tariffs on US goods, while the country is also facing an antitrust investigation into Google.

These events have sparked a wave of sell-offs in the crypto market, with the broader developments contributing to the market uncertainty.

Cryptocurrency analyst Ali Martinez highlighted in an X post that $2.73 billion in Bitcoin profits were realized yesterday, which increased selling pressure in the market.

This move is also seen as having played a role in the crypto market crash.

XRP, Solana, and Dogecoin were also bound to experience declines alongside the Bitcoin price, given the flagship cryptocurrency’s impact on altcoins.

As a result of the crash, the market has seen over $235 million in liquidations.

Of these, long positions took the brunt of the impact, with $173 million being liquidated.

Crypto Analyst: Market at Pivotal Levels

In an X post, cryptocurrency analyst Justin Bennett pointed out 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.

However, Bennett stated that he is not making any calls yet as it is too marginal, and the break from the USDT.D could fail.

Yet, he added that this is something to be aware of and keep an eye on this month.

In the meantime, the analyst appears to be bearish on the Bitcoin price and the broader crypto market.

However, he noted 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 feels caution is needed.

Crypto Bull Run May Not Be Over

Amid the crypto market crash, some within the industry have suggested that the bull run is far from over.

Cardano founder Charles Hoskinson recently stated that 2025 is crypto’s year.

He highlighted how the market showed strength amid the $2 billion liquidation that it faced earlier this week.

This is why the Cardano founder is convinced that this bull run will be massive for the market.

From a technical perspective, cryptocurrency 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.

Furthermore, 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 has predicted that the Solana price will reach $250 before year-end.