Dogecoin surpasses Cardano and XRP, boosting crypto market – Apa.az
The cryptocurrency market witnessed significant activity as Dogecoin, Cardano, and XRP emerged as top performers, driving the overall market into positive territory. Amidst rising short liquidations, Bitcoin maintained its position above $90,000, with a notable increase in short positions compared to longs.
Dogecoin (DOGE) stole the spotlight with a remarkable surge of approximately 13.4%, trading at around $0.1435. This surge led to liquidations totaling about $14.4 million, predominantly on the short side. Retail sentiment around Dogecoin remained exceptionally bullish, with a noticeable increase in chatter levels on platforms like Stocktwits, shifting from high to extremely high.
Cardano (ADA) followed closely behind, trading near $0.396 and recording a 10.7% increase over the last 24 hours. Liquidations for Cardano reached around $3.3 million, with short positions being the primary focus as bearish bets unwound. Retail sentiment surrounding Cardano remained bullish, with chatter levels transitioning from normal to high within a day.
Ripple’s XRP (XRP) also demonstrated a significant upswing, trading near $2.02 with an 8.0% increase in value. The surge in XRP prices led to liquidations totaling approximately $11.4 million, driven by shorts being forced out as price momentum gained traction. Retail sentiment around XRP experienced a positive shift from bearish to bullish, with chatter levels on platforms like Stocktwits improving from normal to high.
While these altcoins dominated the market, other cryptocurrencies like Tron saw modest gains, with a 1.1% increase over the last day. Despite the smaller percentage increase, Tron still saw liquidations amounting to around $30,000.
Overall, the cryptocurrency market experienced a bullish trend, fueled by the impressive performances of Dogecoin, Cardano, and XRP. As short liquidations increased, Bitcoin’s resilience above $90,000 set the stage for a positive market sentiment. Retail investors showed strong confidence in these altcoins, evident from the rising chatter levels on social trading platforms like Stocktwits.
As the crypto market continues to evolve and display dynamic movements, investors and enthusiasts eagerly anticipate further developments and potential opportunities within the digital asset space. The performance of Dogecoin, Cardano, XRP, and other cryptocurrencies serves as a testament to the market’s volatility and the potential for significant gains for those willing to participate in this exciting and rapidly growing sector of finance.
