Crypto Market Pullback: Ether, Dogecoin Lead the Slide; A Few Tokens Trade in the Green

• Crypto market capitalization dropped 3.5% in the past 24 hours due to a decline in U.S. equity markets.
• Ether and dogecoin led the slide among major tokens, falling more than 5%, while bitcoin lost just 1.6%.
• Outside of majors, Avalanche (AVAX) and Lido (LDO) dropped 7.7% and 10% respectively, while a few tokens traded in the green.

The crypto market has seen a significant pullback as traders likely took profits after weeks of an uptrend. In the past 24 hours, the market capitalization dropped 3.5%, with Ether and Dogecoin leading the slide among major tokens. Ether dropped by more than 5%, while Dogecoin fell by an even greater amount. Bitcoin, on the other hand, lost just 1.6%. This caused upward of $173 million in longs, or bets on higher token prices, to be liquidated, with Ether futures seeing $86 million in liquidations and Bitcoin futures seeing $46 million in liquidations.

Outside of the major tokens, Avalanche (AVAX) and Lido (LDO) both saw notable drops, with AVAX falling 7.7% and LDO dropping by 10%. This ended a multi-week bump that saw LDO’s value jump 135% in the past month. On the other hand, a few tokens traded in the green, with Quant (QNT) and Aptos (APT) both rising over 4%.

The pullback of the crypto market is likely due to a decline in U.S. equity markets, as well as traders taking profits after weeks of an uptrend. It remains to be seen if the pullback will be short-lived or if it is a sign of a more prolonged downtrend. In either case, it is important to remember that crypto markets are volatile and investors should approach them with caution.