Global crypto market cap has seen a sudden drop in value, falling from $2.32 trillion to $2.29 trillion reflecting a drop of 1.58% overnight. This comes after Bitcoin ETFs in the U.S. experienced their first outflow in seven days, with Bitcoin’s price holding around $66.5K.
Meanwhile, among the biggest losers, Dogecoin (DOGE) and XRP (XRP) were at the top, with DOGE dropping by 5% and XRP falling by 10%. This decline has made investors worried, raising fears that these coins might experience a big crash soon.
Dogecoin (Doge) price has dropped nearly 5% in the past week, and there has been a slowdown in whale transactions over the last two days. However, data from IntoTheBlock hints that a slowdown in whale transactions can hint at a possible price decline for Dogecoin.
Recently, Doge broke out of a long downward trend and reached a high of $0.1364. However, this spike in price may lead to a correction soon. Experts predict that Dogecoin could drop about 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 fall.
Another cryptocurrency that faced a major loss is XRP, which has seen a decline of nearly 10.35% in the past month. Adding to the concerns, the percentage of XRP coins in profit has dropped from 79% on October 21 to just 74% by October 23.
This decline indicates that more investors are experiencing losses, leading many to sell their XRP to avoid further issues.
Eventually, the 7-day Liquidation Map from Coinglass shows that traders have opened $76 million in short positions compared to only $34 million in long positions. This trend suggests that market sentiment is turning negative for XRP as more traders bet against its price.
However, mid-cap and low-cap tokens are not faring well either. Smaller tokens like Bonk (BONK) and APE have seen significant losses, each dropping more than 7%.
However, the slowdown in stablecoin issuances is also adding to the struggles for Bitcoin and other cryptocurrencies, causing uncertainty in the market.
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