Since the inauguration of Donald Trump, cryptocurrencies have fallen sharply in response to announcements about import taxes.
Bitcoin started the downward trend, but the crypto star quickly caught up and stabilized its price slightly below $100,000. For the rest of the market, the situation is more complicated. Indeed, in times of doubt, Bitcoin serves as a safe haven for the crypto market, which usually has the effect of causing other digital assets to fall. There were some exceptions such as HYPE and BERA, mainly due to recent announcements and airdrops. Some assets also held up well, others are falling fast and steadily. Let’s look at the big losers.
In some cases, the percentage of decline seems huge but for many assets this is due to the fact that they experienced a sharp rise at the end of 2024. This is the case for example of Virtuals Protocol (VIRTUAL).
Although the drop in prices has cut the price of the token by 4 from its record price, since September the price has been multiplied by 24 compared to the current price. This pattern is quite representative of the market corrections we are seeing at the moment.
The market seems to be making its first big correction since the beginning of the bullrun. Indeed, price prices have only risen since the beginning of November 2024. February is set to be a period of readjustment in the distribution of capital between different cryptocurrencies. This period could see the dominance of Bitcoin increase.
