Crypto Market Takes a Hit: Ether, XRP, and Dogecoin Plunge as Tech Stocks Crash
The cryptocurrency market experienced a significant downturn over the weekend, with major altcoins including Ether, XRP, and Dogecoin bearing the brunt of losses as a widespread technology stock selloff dragged risk assets lower across global markets.
Ether recorded one of the steepest declines among large-cap cryptocurrencies, dropping 5.6% within 24 hours to approximately $1,555 — a 7.9% loss on a weekly basis. XRP fell 4.9% to $1.03, representing an 8.5% weekly decline. Dogecoin slid 3.8% to $0.074, posting a 9.8% loss over seven days. Solana proved more resilient, trading at $68 with only a 1.2% weekly drop. Hyperliquid's HYPE token declined 5.4%, while Tron stood out as the sole gainer, edging up 0.4%.
Bitcoin briefly dipped toward the $58,000 mark before partially recovering to approximately $59,888 — down 2.7% on the day and 4.5% over the week. The flagship cryptocurrency is currently hovering within what analysts consider a historically critical support zone between $50,000 and $60,000.
The primary catalyst for the selloff came from outside the crypto space. Global equities slumped to two-week lows after Apple's stock plunged 6.1% following news that the tech giant had raised prices on its Mac computers, iPads, and home devices. Investors grew concerned that rising component costs could eventually slow the memory-chip rally that has been fueling the broader AI investment thesis.
The ripple effects spread across international markets. South Korea's Kospi index tumbled as much as 9%, triggering its second trading halt of the week. Chipmakers SK Hynix and Samsung each fell over 8%. Nasdaq 100 futures declined 1.5%, adding further pressure to risk-sensitive assets. Meanwhile, Brent crude slipped below $74 per barrel after a projectile strike on a vessel in the Strait of Hormuz briefly reignited supply concerns.
Within the crypto market itself, additional selling pressure came from large holders offloading significant positions into a market struggling to absorb the extra supply. Gabe Selby, head of research at CF Benchmarks, explained in a note to CoinDesk that much of the fresh capital and investor attention has been flowing toward AI-related investments recently, leaving crypto competing for a reduced share of overall risk appetite.
Selby characterized the current move as a broad market cooldown rather than a structural breakdown within crypto itself. He emphasized that the $50,000 to $60,000 zone has historically served as a strong buyer support region for Bitcoin. "Bitcoin has pulled back into the $50,000 to $60,000 zone today, and if history is any guide, this is where buyers step in," Selby noted.
Looking ahead, Selby identified $55,000 as the critical downside support level to watch, while bulls would need to reclaim the $61,000 to $62,000 range to restore positive momentum. He advised market participants to keep position sizes sensible given current volatility.
The broader narrative remains consistent with trends observed throughout the week: cryptocurrency markets are sliding in the wake of a tech sector selloff that originated elsewhere, while capital continues rotating into AI-themed investments, leaving crypto with limited near-term catalysts for recovery.
