Dogecoin and Solana Lead Double-Digit Losses in Crypto Market Downturn
Hey there, crypto enthusiasts! It looks like the cryptocurrency market has hit a bit of a rough patch recently, with some major digital currencies taking a hit. Dogecoin (DOGE) and Cardano (ADA) are leading the charge in losses, with DOGE down 12% and ADA dropping 14.7%. Solana (SOL) is also feeling the pinch, with a 10% decrease, trading at $227, and XRP falling 10.7% to $1.33. Even big players like Bitcoin (BTC) and Ethereum (ETH) weren’t immune, losing 6.1% and 4.5%, respectively. In fact, the overall market value of cryptocurrencies has dropped by 5% in the past day, down to $3.2 trillion.
Despite Dogecoin seeing an increase in network activity, with a whopping 60.9 billion tokens transacted in a day and a 41.2% rise in big transactions, its price hasn’t been able to catch a break. Currently trading at $0.3756, it’s down 9.7%. The trading volumes for DOGE have gone up by 23.7%, but unfortunately, it seems like the selling pressure is just too much for now.
Solana (SOL) is also in a bit of a tough spot, trading at $230, as it’s been affected by corrections happening across the market and some technical indicators showing it might have been overbought. The total market value of Solana tokens dropped significantly within a day, from $347.8 billion to $228.8 billion, with the trading volume surging by 43.2% due to intensified selling.
In the midst of all this, over $691 million in crypto positions were liquidated, with Bitcoin taking a hit of $150 million. It’s a tough time in the market, with more than 180,000 accounts affected by these liquidations.
Experts at QCP Capital believe the declines are due to too much leverage in the market and are calling this correction a necessary one. As Bitcoin’s price fell, so did the outflows from spot ETFs, totaling $435 million on Monday, which breaks a streak of net inflows. But there is hope on the horizon! Some analysts think the market could stabilize once leverage resets, and upcoming economic news could also have an impact.
All in all, it’s a rocky road for cryptocurrencies right now, but some folks are still seeing the light at the end of the tunnel. Real Vision’s Raoul Pal even suggested that Dogecoin might outperform Bitcoin, and analyst Ali Martinez is forecasting a potential breakout for DOGE up to $0.82. While there are concerns about market corrections and leverage being too high, there’s always a chance for things to turn around. Let’s keep an eye on how things play out in the ever-exciting world of crypto!
