Dogecoin Leads Losers Among Major Cryptocurrencies; BTC, ETH, XRP Slide on Profit Taking
Bitcoin's popularity as a safe haven asset has grown over the past week thanks to its relative stability, mirroring the rise in gold prices despite a correction in bond yields and U.S. stocks amid ongoing tariff wars.
Author: Shaurya Malwa | Edited by: Parikshit Mishra Updated: April 24, 2025 02:11 PM Published: April 24, 2025 05:41 AM
What you need to know:
- Major cryptocurrencies fell 5% as traders took profits, with dogecoin leading the losses.
- Bitcoin is holding at around $93,000, while other major tokens such as XRP, SOL, BNB and DOGE have lost more than 2% in value.
- US spot Bitcoin ETFs have raised over $916 million as interest in Bitcoin as a safe haven asset amid market volatility rises.
Major tokens fell 5% on Thursday as traders took profits amid steady gains since the start of the week, with Dogecoin (DOGE) leading the major asset class in losses.
Bitcoin (BTC) has remained at $93,000 in the last 24 hours, but XRP, Solana's SOL, BNB Chain, and DOGE have all seen losses of over 2%. Ethereum (ETH) has fared better, falling 1.5%.
Overall market cap fell 2.5%. The broader CoinDesk 20 index, which tracks the largest tokens by market cap, fell more than 3%.
Bitcoin exchange-traded funds (ETFs) in the U.S. attracted more than $916 million on Wednesday, with some traders pointing to the asset’s growing appeal as a major factor driving the influx.
“The inflows are driven by the decline in the US dollar index and Bitcoin’s growing reputation as a safe haven amid stock market volatility,” Vugar Usi Zadeh, chief operating officer at Bitget, told CoinDesk in an email. “The significant ETF inflows demonstrate Bitcoin’s strengthening position as a leading crypto asset with increasing institutional adoption.”
“Its lower correlation to equities and safe-haven status make it a diversifier, although short-term issues such as weak investment signals require robust macro catalysts,”
Interest in Bitcoin as a safe haven asset has grown over the past week thanks to its relative stability, mirroring rising gold prices, even as U.S. bond and stock yields have corrected amid ongoing tariff wars.
Earlier this week, President Donald Trump said he had no plans to fire Federal Reserve Chairman Powell and that a deal with China (which faces tariffs of up to 245% on some goods) would significantly reduce some of its tariffs.
However, the mixed signals and frequent changes in tone are causing fatigue among traders, who continue to closely monitor the comments for further signals for their positions.
“Macro risks remain, but one critical overhang appears to have been removed. Trump has given no indication that he intends to replace Fed Chair Powell at this time. The reassurance was provided by a modest decline in long-term bond yields, which helped reduce the key risk,” Singapore-based QCP Capital said in a report on Thursday.
“But the broader outlook is anything but simple. Trade tensions, geopolitical unrest and regulatory opacity continue to set back long-term
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