As Bitcoin sinks again, Dogecoin, XRP and Cardano have dropped by 26%.
Due to Trump's trade war, three top - tier coins in the bitcoin sphere accounted for a quarter of the value last week.
Cryptocurrency Market Plummets: Bitcoin Drops 9% in Recent Weeks, and XRP, Dogecoin, and Cardano Fall by Over 26%
Bitcoin was in the red again last week, dropping nearly 9%. However, almost all other assets among the top ten coins by market capitalization (excluding dollar - pegged stablecoins) declined by double or more. Three of these coins each fell by approximately 26% last week.
XRP, Dogecoin, and Cardano were the biggest losers at the top of the cryptocurrency heap in the past seven days.
Last week, XRP, which is linked to Ripple, dropped 26% to $2.33, a three - week high, after reaching a 7 - year high earlier this month. As of writing, it was down 3% on the day. The price of XRP also suffered in part due to technical issues faced by the XRP Ledger chain on Tuesday.
Meanwhile, Dogecoin fell 26% last week and is currently priced at $0.248, down from $0.34, as its well - known volatility is still at play. Cardano marked the highest decline in this group, dropping nearly 27% to $0.71 last week. The token ADA was up to nearly $0.98 last week.
Like most of the market, these three coins have seen dramatic fluctuations in recent months, especially after the election victory of President Donald Trump. For example, Cardano's price on election day was $0.33, and it reached $1.23 in early December. It was as low as $0.60 earlier this week, and the recent gains have faded from view.
The cryptocurrency market has been very volatile in the past few days since Trump's team announced that it would follow through on his promised trade tariffs on neighboring Canada and Mexico, as well as on China.
Trump suspended the tariffs against Canada and Mexico after agreeing to negotiate with each country, but the tariffs on China took effect this week. For its part, China has issued retaliatory tariffs against the US and said it will conduct an antitrust investigation into US tech giant Google.
Bitcoin dropped about 1% on the day and is currently priced at $96,280. Last week, Ethereum's decline more than doubled that of Bitcoin, dropping nearly 18% to $2700 as of writing, while Solana fell 21% in a week to $190.
