The cryptocurrency market moved lower on Tuesday, with total market capitalization falling 1.94% against the U.S. dollar to $2.38 trillion. Most large-cap assets traded in the red, including bitcoin, solana, BNB, dogecoin, and cardano. In contrast, ethereum, XRP, and toncoin posted modest gains. Despite the broad pullback, trading activity increased, pointing to continued short-term speculation across the market.
Major tokens weaken while a few names outperform
Bitcoin (BTC) dropped to $65,550, down 2.7% over the past 24 hours. Ethereum (ETH) held up better, rising 0.4% in the same period. Solana (SOL) fell 3%, BNB declined 1.5%, and dogecoin (DOGE) lost 3.2%. On the other hand, XRP gained 3.3%, while toncoin (TON) edged up 0.06%.
Among the day’s biggest losers were Jupiter (JUP), down 6.28%, Arweave (AR), off 6.04%, and Rocket Pool (RPL), which slipped 5.62%. On the winning side, Compound (COMP) rose 11.04%, Mogcoin (MOG) added 11.01%, and Convex Finance (CVX) advanced 10.73%.
Volume rises as leveraged longs take the hit
Even as prices declined, total crypto trading volume increased 6.54% to $72.86 billion. The rise suggests that traders remained highly active during the sell-off, with volatility likely encouraging more repositioning across spot and derivatives markets.
In derivatives, long positions absorbed most of the damage. Total liquidations reached $134.65 million on Tuesday, including $109.80 million in long bets. Bitcoin longs accounted for $59 million of the total, while ethereum longs saw $30.7 million wiped out and solana longs lost $7.73 million.
Over the last 24 hours, 36,695 traders were liquidated. The single largest liquidation order took place on Okx, involving a BTC-USDT-SWAP worth $8.28 million.
Short-term market sentiment remains divided
The combination of falling market value and heavy long liquidations points to clear short-term pressure. At the same time, stronger trading volume and selective gains in assets such as ETH, XRP, and TON indicate that capital has not fully left the market. Instead, traders appear to be rotating and adjusting positions in response to fast-moving price action, leaving the market in a fragmented and highly reactive state.