Dogecoin (DOGE), Ethereum (ETH), Solana (SOL), and XRP have all recorded double-digit losses in the past 24 hours, as Bitcoin's price plunged to a three-month low below $88,000.

Bitcoin crashed as low as $87,115, per data from CoinGecko. At time of publication, the cryptocurrency has dropped to $87,657, down 8% on the day and erasing the past week's gains.

Analysts have chalked up the recent losses to a variety of factors, including the lack of confirmation about a U.S. national Bitcoin reserve, as well as failed state-level proposals to introduce BTC reserves, such as in South Dakota and Montana.

Analysts also noted to Decrypt broader pessimism around the impact of the Trump administration’s tariffs and the current state of the U.S. money supply.

But Bitcoin’s recent performance has been comparatively resilient compared to SOL and DOGE. These have both been among the worst-performing large-capitalization digital assets in recent months, as sentiment around meme coins cooled amid sniping of high-profile project launches. Solana dipped after Argentine President Javier Milei was hit by scandal and legal action related to his promotion of LIBRA, a token based on the Solana blockchain.

SOL is down 13.7% in the past 24 hours to $135.46, dipping to levels not seen since early September 2024. It has fallen 46.6% over the past 30 days.

DOGE is down 13% in the past 24 hours, hitting $0.1192, its lowest price since November. It has registered losses of 43% month on month. Its sharp fall comes as DOGE garners attention in mainstream media due to high-profile controversies involving Dogecoin fan and Tesla CEO Elon Musk, and the meme coin’s namesake the Department of Government Efficiency (DOGE).

Ethereum (ETH) has fallen 11.3% to $2,374 in the past 24 hours, broadly in keeping with the rest of the altcoin market. Meanwhile, XRP is down 15.6% in the past 24 hours to $2.08.

With the total market capitalization of all cryptocurrencies dropping by almost 10% in the past 24 hours, to $2.98 trillion, sentiment is souring. The Crypto Fear & Greed Index, a third-party market sentiment index based on factors like surveys, social media, and market volatility, has hit 25, its lowest since September 2024.

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