Dogecoin leads crypto market rebound with 15% surge

Dogecoin leads market rebound — Dogecoin surged more than 15% early Tuesday, leading a broad rebound in cryptocurrency markets as Bitcoin held steady above $85,600.

DOGE rose to just above 10 cents, marking the largest gain among major tokens, according to CoinDesk data. Bitcoin added roughly 5% over the past 24 hours, with its price stabilizing just above $85,600 after the initial move.

The rally was accompanied by significant liquidations in the derivatives market. Over $1 billion in crypto trading positions were liquidated in the past day, with bearish bets accounting for $844 million of that total.

This wave of forced buying from short sellers appears to have run its course, suggesting that any further market gains will need to be driven by new capital entering the market rather than a continued short squeeze. The broader move higher in crypto coincided with gains in Asian stock markets, particularly among chipmakers, fueled by ongoing enthusiasm for artificial intelligence developments.