The crypto market faced a downturn on July 23, 2025, with significant losses for top altcoins like Ethereum, XRP, Solana, and Dogecoin, following a peak in open interest for altcoin derivatives. After recent surges, including XRP achieving a new all-time high, the market saw liquidations exceeding $605 million in a single day, raising concerns about frothy trading conditions. Ethereum led liquidations with over $129 million wiped out, while XRP and Bitcoin followed closely. Analysts noted that this volatility is linked to increased speculative trading alongside a substantial recent increase in the altcoin market cap, rising from $26 billion to $45 billion since early July. Despite the current dips, some experts believe these fluctuations are part of a broader bull market pattern, driven partly by profit-taking after Bitcoin's all-time highs and external macroeconomic factors. Market insiders suggest the crypto bull market could persist through 2025, despite these corrections and speculative pressures.

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