Dogecoin (DOGE) and XRP Shine as Crypto Liquidations Hit $493 Million

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As a seasoned analyst with over two decades of experience in the financial markets, I have seen countless market cycles and trends come and go. Today, observing the crypto market, it seems we are witnessing another chapter unfold. The recent liquidation surpassing $490 million is a stark reminder of the inherent volatility in this space.

The increasing patterns within the digital currency market are prompting crypto investors to exercise caution, with the overall market liquidation exceeding $490 million. According to CoinGlass’s data, this liquidation has affected more than 185 traders, with Dogecoin (DOGE) and XRP attracting particular attention among top altcoins.

Dogecoin and XRP liquidation

Based on recent market statistics, it appears that approximately $31.7 million has been liquidated in Dogecoin over the last day. This significant amount follows a period of increased growth for the meme-based cryptocurrency. At present, each Dogecoin is being traded at around $0.4282, representing a 2.18% decrease in value over the past 24 hours.

During the Dogecoin sell-off, long-term investors endured greater losses since their hopes for continuous expansion proved unfounded. In contrast, the overall losses of short traders in this situation were only $10 million, while long traders collectively lost a staggering $21.7 million.

XRP reached a peak not seen in three years following the latest news about Gary Gensler’s resignation. Despite temporarily pulling back from recent peaks, it still showed an increase of 1.08% over the last 24 hours, currently trading at $1.483.

Due to this slight change, XRP has experienced a liquidation totaling approximately 30.37 million dollars. This amount highlights the significant borrowing from long-term traders, resulting in a loss of 21.89 million dollars within the past day. The magnitude of XRP’s liquidation underscores its strong popularity compared to competitors such as Solana (SOL) and Cardano (ADA).

Crypto market rebound – Bitcoin effect

Over the previous week, the surge in Bitcoin’s value led to an intense optimism within the market, according to U.Today. However, Bitcoin briefly approached the significant mark of $100,000 and then slightly retreated.

As a researcher observing current market trends, I find myself intrigued by the recent surge in the price of the cryptocurrency I’m studying, which is now trading at approximately $98,159. This rise could potentially spark hopes for a return to previous highs, leading to a broader market recovery.

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2024-11-25 13:36