Profit-Taking Continues in Crypto Market as Dogecoin, Cardano's ADA Lead Majors Slide

Profit-taking continued to weigh down crypto markets Thursday as Dogecoin

DOGE$0.18953

and Cardanos ADA

ADA$0.67687

led declines among major tokens, with bitcoin

BTC$104,961.72

little-changed over the past 24 hours.

XRP

XRP$2.21

, Solanas SOL

SOL$152.55

and BNB Chains BNB

BNB$666.28

shed 1.5%, while Trons TRX

TRX$0.27330

was the only major token in the green with a 1.9% bump.

“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, said in a Telegram message to CoinDesk.

“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, noting that recent inflows into BTC and ETH ETFs show institutions are still exploring crypto allocations despite short-term headwinds.

Market sentiment remains in the greed zone, with the crypto fear and greed index at 62, though it has lost a few points in the last day.

Alex Kuptsikevich, chief market analyst at FxPro, said bitcoins rebound from near $103,000 on May 31 signals the beginning of a potential upward movement. “Potentially, this momentum could take the market to new highs above $130K,” he said.

However, Ether

ETH$2,621.42

continues to battle resistance at its 200-day moving average. A break above $2,700 could serve as an important indicator of renewed optimism, Kuptsikevich added.

Elsewhere, CryptoQuant suggested bitcoin could correct to $96,700, aligning with the average purchase price of short-term investors.