Crypto Majors Slide Further; SOL, DOGE Among Worst Affected

By Kapil Rajyaguru

Crypto majors slid further during the Asian morning trade with some of the predominant altcoins and meme coins leading the plunge.

SOL and DOGE were among the worst affected, currently trading 4.5% and 10% lower in the last 24 hours.

Bitcoin fell below $66,000 to around $65,300, a dip of 0.9%, while ether is over 3.25% lower at $3,400.

Bitcoin ETFs also continued their dismal run, experiencing $145 million worth of outflows on Monday.

DOGE bulls liquidated $60 million in long trades on Monday, faring worse than BTC counterparts, an unusual occurrence in the crypto futures market. The figures are the biggest hit DOGE has taken since May 2021. BTC long bets lost $47 million and ETH suffered worse than either of them at $76 million.

Overall, crypto longs lost over $440 million as profit-taking and dollar strength weighed on the market, traders said. Open interest, or the number of unsettled futures bets, has dropped 16% to $600 million. Meanwhile, a long-short ratio tracking DOGE futures shows traders are positioning for further declines, with the ratio at 0.94 – indicating a bearish bias.

Layer-2 blockchain ZKsync kicked off its airdrop on Monday, with 45% of the tokens claimed in under two hours. The ZK token opened at $0.31 and is down about 32% since then, according to CoinGecko data.

The global crypto market cap is $2.38T, a 1.14% increase over the last day. The total crypto market volume over the last 24 hours is $88.75B, which makes a 5.64% decrease. The total volume in DeFi is currently $6.61B, 7.44% of the total crypto market 24-hour volume. The volume of all stable coins is now $82.91B, which is 93.42% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 54.24%, a decrease of 0.63% over the day.

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