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

Profit-Taking Continues in Crypto Market as Dogecoin, Cardano's ADA Lead Majors Slide WikiBit 2025-06-05 13:31

Profit-taking continued to weigh down crypto markets Thursday as Dogecoin DOGE$0.18953 and Cardanos

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.

Disclaimer:

The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.

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