The broader digital currency ecosystem is witnessing caution among crypto investors due to a significant increase in total market liquidation exceeding $490 million, according to data from CoinGlass. This trend has focused attention on top altcoins such as Dogecoin (DOGE) and XRP.
Dogecoin’s price dropped 2.18% in the past 24 hours after shedding gains, reaching $0.4282 per coin. The meme coin’s long traders have incurred a significant loss of $21.7 million, largely due to dashed expectations of sustained growth. In contrast, short traders lost $10 million.
XRP surged to a three-year high following Gary Gensler’s resignation update but cooled down slightly. Despite this, XRP has retained 1.08% growth in the past 24 hours and recorded a significant liquidation of $30.37 million, reflecting its massive appeal over rival coins like Solana (SOL) and Cardano (ADA).
A recent surge in Bitcoin’s price has pushed the market into extreme greed mode, with the coin flirting with the $100,000 benchmark before retreating to $98,159. This may fuel a broader market rebound, potentially impacting the prices of Dogecoin and XRP, which have shown correlation with altcoin and Bitcoin prices.
Source: https://u.today/dogecoin-doge-and-xrp-shine-as-crypto-liquidations-hit-493-million