Dogecoin and XRP face significant liquidations as market consolidates, driven by Bitcoin’s influence on altcoin prices.
Crypto Liquidations Reach $493 Million
The cryptocurrency market saw liquidations surpass $493 million in 24 hours, impacting over 185,000 traders. This consolidation reflects heightened volatility across the digital asset space, with prominent altcoins Dogecoin (DOGE) and XRP taking center stage.
Dogecoin Liquidations Surge to $31.7 Million
Dogecoin witnessed over $31.7 million in liquidations after a week of overheated growth. Long traders bore the brunt, losing $21.7 million compared to $10 million for short traders. Dogecoin’s price has dropped 2.18% over the past 24 hours, now trading at $0.4282.
XRP Holds Gains Despite $30.37 Million in Liquidations
XRP soared to a three-year high following news of Gary Gensler’s resignation. Despite cooling from its peak, XRP managed a 1.08% gain in 24 hours, trading at $1.483. However, long traders incurred $21.89 million in losses, showcasing the impact of overleveraged positions.
Bitcoin’s Performance Influences Altcoin Trends
Bitcoin’s bullish performance last week pushed the market into extreme greed. After nearing the $100,000 mark, Bitcoin pulled back to $94,000, prompting a ripple effect across the market. This downturn may pave the way for a potential rebound in altcoin prices, including Dogecoin and XRP, as they maintain strong correlations with Bitcoin.
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