The global crypto market cap saw a sudden drop in value from $2.32 trillion to $2.29 trillion, a 1.58% drop overnight. This comes after Bitcoin ETFs in the United States saw their first outflow in seven days, with the price of Bitcoin holding around $66.5k.
Meanwhile, among the biggest losers, Dogecoin (DOGE) and XRP (XRP) were in the lead, with DOGE falling 5% and XRP falling 10%. This drop has worried investors, raising fears that these coins could soon experience a significant crash.
Key Dogecoin Level to Watch
The price of Dogecoin (Doge) has fallen almost 5% over the past week and trading with whales has slowed over the past two days. However, data from IntoTheBlock suggests that a slowdown in whale trading may portend a possible decline in the price of Dogecoin.
Recently, Doge broke out of a long downtrend and reached a high of $0.1364. However, this price surge may soon lead to a correction. Experts predict that Dogecoin could fall by around 11.79%, bringing the price down to around $0.1171.
The key support level to watch is $0.1139, which will be important if the price continues to decline.
XRP struggles continue
Another cryptocurrency that suffered a significant loss is XRP, which saw a decline of almost 10.35% over the past month. To add to the concerns, the profit percentage of XRP coins fell from 79% on October 21 to just 74% on October 23.
This decline indicates that more investors are experiencing losses, leading many to sell their XRP to avoid further problems.
Ultimately, Coinglass’ 7-day liquidation chart shows that traders opened $76 million in short positions, compared to just $34 million in long positions. This trend suggests that market sentiment is turning negative for XRP as more traders bet against its price.
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Mid-Cap Tokens Suffer Heavy Losses
However, mid- and low-cap tokens are not doing well either. Smaller tokens like Bonk (BONK) and APE suffered significant losses, each falling more than 7%.
However, the slowdown in stablecoin issuance also adds to the difficulties of Bitcoin and other cryptocurrencies, causing uncertainty in the market.
