Bitcoin, Ethereum, Dogecoin Plunge As Official Trump Memecoin Loses Way: Analyst Says 'Great Times Are Ahead' For These Coins As Dollar Index Weakens

Leading cryptocurrencies fell sharply Sunday evening amid the launch of meme coins tied to President-elect Donald Trump and his family.

Cryptocurrency	Gains +/-	Price (Recorded at 8:30 p.m. ET)
Bitcoin BTC/USD	-3.89%	$100,239.24
Ethereum ETH/USD	-4.61%	$3,189.30
Dogecoin DOGE/USD	-12.44%	$0.3505

What Happened: Bitcoin plummeted from $106,180 to $99,622 in three hours, eroding $130 billion worth of investors' wealth.

Similarly, Ethereum tanked from $3,414 to $3,150, marking a 4.61% decline in the last 24 hours.

The broader market slump coincided with a significant drop in the OFFICIAL TRUMP token launched a couple of days ago.

The enthusiasm linked with the coin evolved into negativity as incoming First Lady Melania Trump launched her own meme coin on Sunday.

Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with long liquidations accounting for $925 million.

Bitcoin's Open Interest fell 2.05% in the last 24 hours to $66.77 billion. That said, the majority of derivatives traders were bullish on the asset, as indicated by the Long/Short Ratio.

That said, more than half of derivatives traders on Binance placed short bets on Bitcoin, expecting a correction.

The market sentiment entered the "Extreme Greed" zone, according to the Crypto Fear & Greed Index, sparking concerns of further market correction.

Top Gainers (24-Hours)

Cryptocurrency	Gains +/-	Price (Recorded at 8:30 p.m. ET)
OFFICIAL TRUMP (TRUMP)	+74.00%	$46.06
Fartcoin (FARTCOIN)	+9.95%	$1.92
DeXe (DEXE)	+2.10%	$17.55

The global cryptocurrency market capitalization stood at $3.45 trillion, contracting by 5.15% in the last 24 hours.

Stock futures edged slightly lower Sunday evening. The Dow Jones Industrial Average Futures fell 30 points, or 0.07%, as of 9 p.m. EDT. Futures tied to the S&P 500 dipped 0.07%, while Nasdaq 100 Futures slipped 0.13%.

The moves come after major averages posted their biggest weekly gain since the presidential elections in November. The Dow Jones Industrial Average and the S&P 500 rose 3.19% and 3.40%, respectively.

The New York Stock Exchange and Nasdaq will remain closed on Monday to commemorate Martin Luther King Jr. Day.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Rekt Capital identified $104,500 as a crucial resistance level for Bitcoin.

"Weekly close above red [$104,500] followed by a successful retest would likely confirm the breakout to new ATHs," the analyst stated, adding a caveat.

"However, a weekly close below red and it’s possible BTC could pullback again, however likely for a shallower retrace compared to the one of mid-December 2024."

#BTC

Bitcoin is trying to assert itself relative to this final major Weekly resistance before new All Time Highs

Weekly Close above red followed by a successful retest would likely confirm the breakout to new ATHs

However, a Weekly Close below red and it's possible BTC could… pic.twitter.com/WTKEEpziNt
— Rekt Capital (@rektcapital) January 19, 2025

Meanwhile, Michaël van de Poppe, another popular cryptocurrency market commentator, maintained his bullish view on altcoins.

"I expect that we’ll see strength on Ethereum, Chainlink, Aave, and a lot of altcoins in the coming week as yields are going down and the DXY becomes weaker," he added. "Great times are ahead of us."

A tremendous weekend with $TRUMP and a cascade on the altcoins.

I expect that we'll see strength on $ETH, $LINK, $AAVE and a lot of altcoins in the coming week as Yields are going down and the $DXY becomes weaker.

Great times are ahead of us.
— Michaël van de Poppe (@CryptoMichNL) January 19, 2025

Photo by CMP_NZ on Shutterstock

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