Dogecoin and Hyperliquid’s HYPE led the overall crypto losses this week, dropping nearly 10% as money continued to flow away from major tokens and into stocks linked to the artificial intelligence boom.
Dogecoin fell 9.6% in seven days to around $0.076, while HYPE fell 9.9%, the biggest decline among the majors. Ether fell 8.4% to about $1,581 and XRP fell 7.8% to $1.06, while Solana and Tron held up well, remaining roughly flat for the week at $72 and $0.32.
Bitcoin fell 5.3% to about $60,345 on Saturday, falling as low as about $58,800 on Friday before recovering and becoming a stable major stock, according to data from CoinDesk.
“Bitcoin approached the $58,000 low late Thursday and early Friday, but aggressive buying quickly brought it back to the $60,000 mark on both occasions,” Alex Kupczykevich, chief market analyst at FxPro, told CoinDesk. “This pattern is similar to the liquidation of margin positions during a spike in a downtrend, followed by a strong buy on pending orders during a recovery.”
“Given the deteriorating sentiment among institutional investors and their ability to quickly exit crypto to stabilize their balance sheets, it is worth preparing for continued pressure from leveraged traders and periodic sell-offs,” he added.
