Dogecoin Leads Crypto Market Rebound with 15% Surge

Dogecoin led the cryptocurrency market rebound on Tuesday, surging more than 15% to just above $0.10. This marked the largest gain among major tokens in CoinDesk's data.

The rally was accompanied by Bitcoin holding steady above $85,600, up about 5% over 24 hours. However, most of this move came from traders being forced out of bets against it, not new buying.

A total of more than $1 billion in crypto positions were liquidated over the past day, with $844 million, or 82%, belonging to short sellers. This suggests that further gains will depend on new buying rather than a continued short squeeze.