Dogecoin surged more than 15% to just above 10 cents on Tuesday, leading gains among major cryptocurrencies as the broader crypto market rebounded. Bitcoin held just above $85,600, up roughly 5% over 24 hours after rising from forced liquidations of bearish positions.
More than $1 billion in cryptocurrency positions were liquidated over the past day, with $844 million of that belonging to short sellers, according to liquidation tracking data. Roughly 135,000 traders were closed out, with Bitcoin accounting for approximately $608 million of liquidations and Ether $181 million. The largest single liquidation was a nearly $21 million Bitcoin position on Hyperliquid.
Most other major tokens posted modest gains. XRP added 7% to nearly $1.52, Solana rose 5% to just under $117, and Ether climbed 3% to nearly $2,740. BNB and TRX each gained between 1% and 2%. Zcash was the only major token in the red, falling 4% to just above $1,450.
Liquidation activity has slowed significantly. Over the past hour from the time of reporting, liquidations came to under $11 million, down from more than $300 million per hour at the peak of Monday's move. This shift suggests that further gains will depend on new buying rather than a continued squeeze of short positions.
Asian equities advanced during the session, with the MSCI Asia Pacific gauge rising nearly 1% for a fifth consecutive day of gains, led by chipmakers tracking strength in U.S. semiconductor stocks. The rally was bolstered by enthusiasm around artificial intelligence applications, with Meta's Muse AI agent drawing attention after becoming the top free app on Apple's U.S. App Store following its release nearly two weeks ago.
