Crypto Market Suffers Weekend Bloodbath: DOGE, ADA, and XRP Plunge Over 7%
Crypto Market Suffers Weekend Bloodbath: DOGE, ADA, and XRP Plunge Over 7%
The cryptocurrency market faced a sharp downturn over the weekend, with some of the most popular altcoins experiencing significant losses. Dogecoin (DOGE), Cardano (ADA), and XRP all dropped more than 7%, amid widespread profit-taking and renewed geopolitical tensions. The event has been dubbed by analysts as a true "weekend bloodbath."
These steep declines followed a period of strong gains earlier in the week, prompting many investors to lock in profits, which triggered a wave of selling across the market. Additionally, the macroeconomic backdrop added to investor uncertainty, especially after comments from former U.S. President Donald Trump hinted at the potential for a trade war with the European Union.
Bitcoin, which had reached a high of $111,200 on Friday, dropped to just over $107,000 by the end of the day. While the percentage decline may seem modest, it had a ripple effect on altcoins, which are traditionally more volatile. The total market capitalization of crypto assets fell by around 5% during the same period, and the CoinDesk 20 Index (CD20)—which tracks the top 20 digital assets—declined by 2.2%.
Dogecoin, Cardano, and XRP were particularly hard-hit. All three tokens showed technical weakness and low liquidity, making them easy targets for aggressive sellers. In a market that had been demonstrating optimism, the sudden reversal in sentiment underscores just how fragile rallies can be when not backed by strong fundamentals or sustained institutional volume.
Despite the correction, some experts remain optimistic about the long-term trajectory of the crypto market. Jeff Mei, Chief Operating Officer of cryptocurrency exchange BTSE, commented that Bitcoin continues to lead the market, largely fueled by institutional interest in crypto ETFs. He noted that, given the current momentum, Bitcoin could very well reach $100,000 in a matter of days. Mei also suggested that institutional investors are beginning to look at Ethereum ETFs and potentially even Solana ETFs, should those products receive regulatory approval.
Mei’s optimism stands in contrast to broader market jitters, especially around regulation. The potential for new rules and restrictions could directly affect the performance of tokens like XRP, which is already embroiled in legal battles with U.S. regulators. The same applies to Cardano, which is struggling to maintain its relevance in a competitive ecosystem dominated by Ethereum and Layer 2 solutions.
As for Dogecoin, its status as a “meme coin” has always made it susceptible to volatility. While the token boasts an active community and occasional public support from figures like Elon Musk, it lacks a strong long-term narrative to support its value during market downturns.
As the crypto space continues to mature, events like this weekend’s sell-off serve as important reminders of the speculative nature of digital assets. Profit-taking after weeks of gains is expected, but the psychological impact on less experienced investors can be significant. These are the moments when sound risk management strategies and diversification prove their worth.
In the medium term, the market’s recovery will depend not only on Bitcoin’s performance but also on the global macroeconomic climate, political decisions in Washington and Brussels, and how regulators choose to approach the evolving crypto sector.
While some investors see the current dip as a buying opportunity, others prefer to wait for greater stability before making new moves. Regardless, one thing remains clear: the cryptocurrency market continues to be one of the most dynamic and unpredictable arenas in modern finance.