Meme token Dogecoin saw the steepest decline among the top 10 cryptocurrencies, falling 4.3% in the last 24 hours.
BNB (BNB), the native token of the BNB Chain network, climbed to a record high of just over $1,330 in early Wednesday trade after overtaking Ripple’s XRP as the world’s third-largest cryptocurrency by market capitalization in the previous session.
The rally came even as most other major tokens fell ahead of the Federal Reserve’s latest minutes being released later in the day. BNB’s price touched an all-time high of $1,330 after rising nearly 2% in the last 24 hours. On Stocktwits, retail sentiment around the altcoin trended in ‘bullish’ territory amid ‘extremely high’ levels of chatter over the past day.
Other major tokens, including Bitcoin (BTC) and Ethereum (ETH), were in the red during early morning trade. Bitcoin’s price slipped 1.1% in the last 24 hours, trading at around $122,900, nearly 2.5% below its record high of more than $126,00 seen on Tuesday. On Stocktwits, retail sentiment around BTC remained in ‘extremely bullish’ territory amid ‘high’ levels of chatter over the past day.
Ethereum’s price dropped roughly 4.2% in the last 24 hours, trading at around $4,500, with retail sentiment trending in ‘neutral’ territory.
Meme token Dogecoin (DOGE) saw the steepest decline among the top 10 cryptocurrencies. Dogecoin’s price was down 4.3% in the last 24 hours as retail sentiment dipped to ‘bearish’ from the ‘neutral’ zone, and chatter dipped to ‘low’ from ‘normal’ levels of the past day.
Cardano (ADA), Solana (SOL), and Ripple’s native token XRP (XRP) were also in the red. Cardano’s price fell 4% in the last 24 hours, while Solana’s price dipped 3.8% and XRP slid 3.4%.
On the equities side, Strategy (MSTR), the largest corporate holder of Bitcoin, was in the green. MSTR’s stock gained 2.1% in pre-market trade. Meanwhile, Ethereum-treasury firm Bitmine Immersion Technologies (BMNR) rose as much as 1.3%. The performance of Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) was mixed. MARA’s stock gained 1.2%, while RIOT’s stock climbed more than 1.70%. Crypto-exchange Coinbase (COIN) was up 0.60%.
The dip in the crypto market led to nearly $650 million in liquidations over the past 24 hours, according to Coinglass data. Most of the liquidations came from long bets, traders who bet that the price of cryptocurrencies would rise, amounting to around $490 million. Short liquidations were around $160 million. Ethereum experienced the largest liquidations of $180 million, followed by Bitcoin at $160 million.
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