The cryptocurrency market appears to be facing a major revision. Dogecoin (Doge) and Cardano (ADA) have registered a substantial price dip in the last 24 hours. Dogecoin (Doge) prices have fallen 11.9% on daily charts, but as highlighted in Coingecko’s Doge data, they are maintaining profits in other time frames.
Meanwhile, ADA has fallen 9.8% over the past 24 hours. Like Doge, ADA is also found in the green zones of other time frames.
Why are Dogecoin, Cardano and other cryptocurrencies down today?
The cryptocurrency market experienced one of its most important recent gatherings earlier this month. Bitcoin (BTC), Binance’s BNB and Ripple’s XRP hit new all-time highs amid the market’s overall surge. The current dip could be due to investors booking profits after the recent rise. Nearly $984.8 million has been liquidated from the Crypto market in the last 24 hours, according to Coinglas data on BNB.
Dogeocoin (Doge) and Cardano (ADA) Recent DIPs follow the market-wide pattern. Except that more than $900 million has been taken away, the market also saw a liquidation paying open interest in about $634 billion in futures and options.
Looking at the price drop, many Altcoins have registered major price adjustments, but Bitcoin (BTC) is less than 1% on daily and weekly charts as of press time. Investors may be able to realize their capital by separating Altcoins and Memecoins such as Dogecoin (Doge) and Cardano (ADA).
The bearish may also be triggered by the European Monetary Policy Statement, which is due today and the European Central Bank press conference.
Dogecoin (Doge) and Cardano (ADA) could follow larger market trends for the time being. Assets may register some profits in the event that some bullish developments occur. Interest rate cuts from the Federal Reserve could cause such a scenario. President Trump is scheduled to visit the Fed someday tomorrow.