Dogecoin Leaves Bitcoin in Dust as Rally Shifts Focus to New Demand
The cryptocurrency market saw Dogecoin (DOGE) surge by more than 15% on Tuesday, September 22, outperforming major cryptocurrencies like Bitcoin (BTC). According to CoinDesk data, DOGE climbed above $0.10, while BTC gained around 5% over the past 24 hours and traded just above $85,600.
The strong gain by DOGE also outpaced other major altcoins, with XRP rising 7% to approach $1.52, Solana gaining 5%, and Ethereum increasing approximately 3%. BNB and TRX saw smaller gains between 1% and 2%, while Zcash fell 4%.
CoinDesk notes that a significant portion of Bitcoin's rise was driven by the forced closures of investors who had taken bearish positions, which fueled the rally by requiring purchases to close those trades. However, as the liquidation total over the past hour fell below $11 million, down from above $300 million on Monday, new buyer demand becomes increasingly important for the continuation of the rally.
Approximately 82% of the $1 billion in liquidations came from short positions, with around 135,000 investors affected. The largest single liquidation was a Bitcoin position worth approximately $21 million on Hyperliquid.