The cryptocurrency market seems to be facing a major correction. Dogecoin (DOGE) and Cardano (ADA) have registered substantial price dips in the last 24 hours. Dogecoin’s (DOGE) price is down 11.9% in the daily charts, but has maintained gains in the other time frames, as highlighted by CoinGecko’s DOGE data.

ADA, on the other hand, is down 9.8% in the last 24 hours. Like DOGE, ADA is also in the green zone in the other time frames.

Why are Dogecoin, Cardano, and Other Cryptocurrencies Down Today?

The cryptocurrency market experienced one of its most significant rallies in recent times, earlier this month. Bitcoin (BTC), Binance’s BNB, and Ripple’s XRP hit new all-time highs amid a market-wide surge. The current dip could be due to investors booking profits after the recent upswing. According to CoinGlass data on BNB, almost $908.48 million was liquidated from the crypto market in the last 24 hours.

Also Read: Cardano (ADA) To Reach New All-Time High After Ripple (XRP)?

Dogeocoin (DOGE) and Cardano’s (ADA) recent dip follows a market-wide pattern. Apart from more than $900 million being taken out, the market also saw liquidations of about $634 billion worth of open interest in futures and options.

Looking at the price dips, while many altcoins have registered big price corrections, Bitcoin (BTC) is down by less than 1% in the daily and weekly charts, as of press time. Investors may be realocating their capital, pivoting away from altcoins and memecoins, such as Dogecoin (DOGE) and Cardano (ADA).

The bearishness may have also been triggered by the European Monetary Policy Statement due today and the European Central Bank’s press conference.

Dogecoin (DOGE) and Cardano (ADA) will likely follow the larger market trend for the time being. The asset may register some gains in the event of some bullish developments. An interest rate cut from the Federal Reserve could trigger such a scenario. President Trump is set to visit the Fed sometime tomorrow.