Dogecoin Leads Losses Amid ‘Profit Taking’ Following Bitcoin's All-Time High

Key Points

1. Bitcoin dropped from $123,000 to $117,000, a 3.7% decline, while altcoins like ETH, XRP, and SOL also saw significant losses.

2. Dogecoin (DOGE) led the losses among top 10 cryptocurrencies, plummeting 7% to $0.19 amid a broad-based selloff.

3. Analysts describe the downturn as 'healthy profit-taking' rather than a shift in market sentiment, with market volume and demand remaining strong.

4. The downturn triggered $463.1 million in liquidations, with $385 million from bullish positions, including $140 million in Bitcoin long positions.

5. Analysts expect Bitcoin to stabilize in the $110,000-$115,000 range, with ETH, SOL, and BNB likely to follow similar trends.