Crypto Market Sees Ongoing Sell-Off as Dogecoin and Cardano Lead Declines

Bitcoin Holds Firm Above $105,000 Amidst Market Volatility; Tron Bucks the Trend

Despite prevailing market uncertainty, Bitcoin has demonstrated resilience, maintaining its position above the $105,000 mark. While several altcoins experienced declines, Dogecoin and Cardano faced the most significant losses among leading cryptocurrencies. Tron (TRX), however, distinguished itself as the sole major token to register gains, climbing 1.9%.

The broader cryptocurrency market faced downward pressure on Thursday, driven by profit-taking activities and cautious sentiment surrounding regulatory developments. Dogecoin (DOGE) and Cardano (ADA) were particularly affected, experiencing substantial declines. In contrast, Bitcoin exhibited relative stability, showing minimal price fluctuations over the preceding 24 hours.

Other prominent cryptocurrencies, including XRP, Solana (SOL), and Binance Coin (BNB), also saw declines of approximately 1.5%. Tron's TRX stood out as an exception, achieving a gain of nearly 2% against the backdrop of wavering market sentiment.

"Macroeconomic and policy uncertainties are clearly weighing on risk assets, and Bitcoin is no exception," observed Anna Liu, CEO of HashKey Tokenization. "Despite this, we view BTC as a strong strategic asset for long-term investors. Institutional interest remains evident, particularly through inflows into Bitcoin and Ethereum ETFs."

Investor sentiment remains generally positive, with the Crypto Fear & Greed Index registering at 62, although slightly lower than previous readings.

Analysts are closely monitoring Bitcoin's recent rebound from approximately $103,000 on May 31, viewing it as a potential catalyst for a renewed upward surge. "If momentum continues, we could see a move toward new highs above $130,000," suggested Alex Kuptsikevich, chief market analyst at FxPro.

Ether (ETH), meanwhile, is currently testing resistance at its 200-day moving average. A successful breakout above the $2,700 level could indicate the commencement of a new bullish phase.

However, not all market participants are anticipating immediate gains. According to on-chain data platform CryptoQuant, Bitcoin may experience a short-term correction, potentially falling to around $96,700—the average entry price for short-term holders—before resuming its overall upward trend.