Bitcoin is in the red again Thursday and has fallen by almost 9% over the last week—but nearly every other asset in the top 10 coins by market cap (excluding dollar-pegged stablecoins) is down by double that mark or more, with three of the coins plunging by approximately 26% each in the last week.
XRP Dogecoin and Cardano were the three biggest crypto losers in the last seven days.
Ripple linked XRP fell 26% over the last seven days to just $2.33, after reaching a price high of $7 years earlier in this month. It's down 3% on the day, as of this writing. XRP's price has also suffered in part due to the XRP Ledger blockchain facing technical issues on Tuesday.
Dogecoin’s price has also fallen 26% over the last seven days, dropping from $0.34. This is due to its famed volatility. Cardano, meanwhile, has seen the biggest drop in that time span. Its price dropped by almost 27% to $0.71. Last week, the token, ADA had risen from $0.98 to almost $0.71.
As with the majority of the cryptocurrency market, these three coins also saw dramatic changes in price, especially after President Donald Trump’s election victory. Cardano’s price, for instance, soared from $0.33 to $1.23 on Election Day. As recent gains begin to fade, the price of Cardano dropped down as low at $0.60 in early this week.
The crypto markets have been highly volatile over the last several days since Trump's team announced that it would follow through on his promised trade tariffs against neighbors Canada and Mexico, along with China.
Trump agreed to negotiate with Canada and Mexico, but tariffs of 10% against China were implemented this week. China responded by imposing retaliatory duties on the U.S. It also announced that it will launch an investigation into antitrust against U.S. technology giant Google.
Bitcoin has fallen about 1% today to a price of $96,280. Ethereum has more than doubled Bitcoin's dip over the last week, down almost 18% as of this writing at $2,700, while Solana is down 21% on the week to $190.