The broader digital currency ecosystem trends have called for caution among crypto investors as total market liquidation has surpassed the $490 million threshold.According to data from CoinGlass, the total liquidation has impacted over 185 traders as top altcoins Dogecoin (DOGE) and XRP come into focus.
Dogecoin and XRP liquidation
According to the market data, Dogecoin has recorded over $31.7 million in liquidation over the past 24 hours. This figure comes after the meme coin shed gains afteroverheated growth in the past week. As of writing, Dogecoin's price changed hands for $0.4282, down by 2.18% in 24 hours.
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In the Dogecoin liquidation, long traders suffered more as expectations of sustained growth were dashed. The meme coin’s long traders have lost a total of $21.7 million compared to the short trader liquidation value of $10 million.
XRP soared to a three-year high on Gary Gensler’sresignation update. Although it has cooled off from local highs, it has retained 1.08% growth in 24 hours to $1.483.
Based on this mild shift, XRP has suffered a liquidation of $30.37 million. This figure underscores the sharp overleverage from long traders, with a $21.89 million loss overnight. The coin’s liquidation reflects its massive appeal over rivals like Solana (SOL) and Cardano (ADA).
Crypto market rebound - Bitcoin effect
The bullish performance of the price of Bitcoin over the past week pushed the market into extreme greed, asreported by U.Today. The coin flirted with the $100,000 price benchmark but softly pulled back.
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With the coin now trading at $98,159, the expectations of a return to local highs might fuel a marketwide rebound. The duo of Dogecoin and XRP might also recorded a sharp rebound, moving forward based on the correlation between altcoin and Bitcoin prices.
