Crypto Market Downturn: Dogecoin and Solana Hit at the Heart!
Release: 2024/11/27 23:15 Reading: 762
Crypto Market Correction Wipes Out Billions
The cryptocurrency market is experiencing a corrective phase, erasing billions in market capitalization. Dogecoin (DOGE) and Solana (SOL) are leading this downturn alongside other major cryptocurrencies. High leverage, increased selling, and macroeconomic uncertainty are contributing to the losses.
Dogecoin and Solana See Record Declines
Dogecoin is trading at $0.3756, marking a 12% price drop. Despite 60.9 billion DOGE transacted in the past 24 hours, enormous selling pressure has hindered price recovery. Large transactions surged by 41.2% but failed to aid DOGE investors.
Solana has followed suit, dropping 10% to $227. Overbought conditions and market correction have weighed on the token. Its market cap has plunged by over $100 billion in a single day. Solana's trading volume has risen 43.2%, indicating increased selling.
Market-Wide Impact and Liquidations
Major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) have also declined. BTC lost 6.1% and ETH 4.5%. Altcoins like Cardano's ADA and Ripple's XRP have been heavily affected, dropping 14.7% and 10.7%, respectively. Over the past 24 hours, the total cryptocurrency market cap has decreased by 5% to approximately $3.2 trillion.
Liquidations have escalated, contributing to the downward spiral. CoinGlass reports over $691 million in liquidated crypto positions, including $150 million in Bitcoin. Binance recorded the largest liquidation at $4.67 million on a long position. Over 180,000 accounts have been liquidated, highlighting the risks of high leverage in volatile market conditions.
Economic Indicators and Market Outlook
The crypto market's performance is influenced by broader economic developments. Bitcoin's drop coincided with a $435 million outflow from spot exchange-traded funds on Monday, ending a streak of net inflows. This reflects investor caution amid uncertainty surrounding Federal Reserve policies and inflation.
Upcoming economic indicators, such as the minutes of the Federal Open Market Committee meeting and Personal Consumption Expenditures (PCE) data, will provide insights into the future course of monetary policy and the impact on interest rates.
Not All Bearish
Despite the downturn, some analysts remain optimistic. Real Vision CEO Raoul Pal believes the correction is part of the market cycle and predicts a strong rebound. He suggests that Dogecoin could outperform Bitcoin in the long run. However, concerns remain about excessive leverage and market overheating.
Future Prospects
The crypto market correction highlights the risks of high leverage and speculation. If the market fails to stabilize, further corrections are likely. However, for some, it presents an opportunity to reset overbought positions and create a more sustainable market.
The future trajectory of the market will likely depend on economic data and policy announcements. Short-term investors should exercise caution as volatility is expected to persist.
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