Altcoins Including Ethereum, Dogecoin Slip as Market Cools Off
Altcoins, including Ethereum and Dogecoin, experienced a pullback on Tuesday following recent highs after President Trump signed stablecoin legislation. Among the top 20 cryptocurrencies, Hedera (HBAR) led losses at 5.2%, with Hyperliquid (HYPE) down 5.1%. Ethereum (ETH) fell 2.6%, Chainlink (LINK) dropped 3.3%, and Dogecoin (DOGE) decreased by 1.5%. This market correction follows XRP's surge to an all-time high above $3.41, attributed to renewed institutional interest. Analysts view the pullback as a healthy correction after significant gains, with potential for a sustained rally. Bitcoin showed resilience, gaining over 1% to surpass $119,000. Market dynamics indicate increased altcoin open interest and shifting selling pressure. Attention is on Federal Reserve Chair Jerome Powell's upcoming address, which could influence market sentiment amid expectations of rate cuts. President Trump reportedly drafted a resignation letter for Powell, hinting at potential changes in leadership that could affect risk assets like Bitcoin.
