Dogecoin, Cardano, and Solana Drop Over 5% Amid Profit-Taking
Major tokens including DOGE, ADA, and SOL dropped over 5% in the last 24 hours as traders took profits after a week-long rally.
The broader crypto market surged, driven by positive macroeconomic factors and increased investor optimism. However, some segments show signs of needing a pause.
- Bitcoin remains around $104,000 for six consecutive days, with increased rotation noted.
- Ether is trading at approximately $2615, unable to maintain above $2700, suggesting a possible correction toward $2400 after a 55% rally.
- The Crypto Fear & Greed Index reached 73, indicating an overheated market condition.
- Positive U.S. inflation data and strong earnings from China's tech sector bolstered risk appetite.
- Institutional activity is strong, with mid-sized bitcoin holders accumulating over 83,000 BTC in the past month.
- Coinbase's inclusion in the S&P 500 on May 19 may attract over $9 billion in passive fund demand.
Analysts suggest further potential for digital asset rallies as Coinbase's index inclusion approaches.