Overall market capitalization fell 8% to $2.7 trillion, reversing all its gains since Trump was elected in early November. Altcoins’ market capitalization, which includes all cryptocurrencies except Bitcoin, saw a dip of 5%, as per Koyfin.
Dogecoin (DOGE) and Cardano (ADA) took the biggest hits among the top 10 cryptocurrencies by market capitalization during early morning U.S. market hours after Bitcoin’s (BTC) price dove below $80,000, deepening the broader market sell-off.
DOGE and ADA declined by almost 11% in the last 24 hours, according to CoinGecko data.
They also posted the steepest weekly losses among major cryptocurrencies, falling 27.4% and 25.6%, respectively.
The decline comes after Bitcoin’s price fell as low as $78,393.36 on Thursday night, reacting to U.S. President Donald Trump’s confirmation that his administration will be following through on its tariff plans for Canada, Mexico, and China on Tuesday.
Trump intends to impose 25% tariffs on imports from Mexico and Canada and double the 10% universal tariff on imports from China.
Overall market capitalization fell 8% to $2.7 trillion, reversing all its gains since Trump was elected in early November. Altcoins’ market capitalization, which includes all cryptocurrencies except Bitcoin, saw a dip of 5%, as per Koyfin.
On Stocktwits, retail sentiment around DOGE remained in the ‘bearish’ zone as users expressed their frustration with Trump and Elon Musk – often referred to as the Dogefather, due to his historical support for the meme coin.
Dogecoin started out as a meme in December 2013, based on the popular ‘Doge’ meme featuring a Shiba Inu dog. The cryptocurrency was initially created as a joke, but gained popularity due to its low transaction fees.
Meanwhile, retail sentiment on Stocktwits around Cardano crept further into ‘bearish’ territory.
Users on the platform speculated that cryptocurrency prices are now being manipulated by big funds.
One user opined that the impact on institutional investment in the cryptocurrency market has defeated the underlying ethos of the digital asset, which was meant to be decentralized.
The Cardano token, unlike the meme-driven Dogecoin, is a blockchain platform designed for smart contracts and decentralized applications, founded by Ethereum co-founder Charles Hoskinson.
Despite a 43.4% decline over the past month, Dogecoin’s price remains up 89.5% year-to-date. Cardano, however, has shed 35.6% in the past 30 days and is down 4.9% for the year.
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Read also: Bitcoin Breaks 200-Day SMA For First Time Since October As It Drops Below $80K – Retail Sentiment Worsens
