Crypto Markets Show Mixed Trends; Solana and XRP Surge, Dogecoin Retraces Gains
The crypto market exhibited mixed movements on Wednesday, with Bitcoin (BTC), Ether (ETH), and BNB Chain’s BNB seeing modest gains of under 1%, while Solana’s SOL and XRP experienced a surge of up to 7%, leading the market rebound.
Dogecoin (DOGE), after a strong rally on Tuesday, fell 7.5%, bringing its price to 36 cents during European noon hours. The cryptocurrency had spiked from 34 cents to 38 cents the previous day, following the appearance of its logo on the Elon Musk-led Department of Government Efficiency website. However, the website was updated on Wednesday, first with an animated dog image, then again with just the dogecoin name and a dollar sign, sparking some volatility.
In contrast, Solana’s SOL jumped 8%, continuing its strong performance while contributing significantly to the broader market’s recovery. The CoinDesk 20 (CD20) index, which tracks the performance of major cryptocurrencies, posted a 2.57% gain.
Among larger-cap tokens, Hyperliquid’s HYPE stood out with a 13% increase, leading the gains among tokens with a market cap of $5 billion or more. This surge has shifted market attention toward Donald Trump’s executive orders and tariff policies, which could provide further signals for the market’s direction.
“Crypto markets are adjusting as traders take profits and wait for developments around tariffs on Mexico and Canada, which may affect U.S. stock markets when they open tomorrow,” stated Jeff Mei, COO at BTSE, in a message to CoinDesk. “Despite the volatility, we remain optimistic that Trump will roll back some of the anti-crypto policies from the previous administration. The recent pro-crypto stance, particularly the appointment of Caroline Pham to the CFTC, is a positive sign.”
Alex Kuptsikevich, an analyst at FxPro, also weighed in, saying in an email to CoinDesk, “Bitcoin’s quick recovery near the $105K mark shows ongoing market interest. After dipping to $101K, it was bought back swiftly, but when it hit $107K on Wednesday afternoon, sellers took control. The market remains optimistic, though it needs another catalyst for sustained momentum.”
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