Crypto majors slid further during the European morning with some of the predominant altcoins and meme coins leading the plunge. SOL and DOGE were among the worst affected, currently trading 4.5% and 10% lower in the last 24 hours. Bitcoin fell below $66,000 to around $65,300, a dip of 0.9%, while ether is over 3.25% lower at $3,400. The CoinDesk 20 Index (CD20), which measures the broader digital asset market, is down just over 3% in the last 24 hours. Bitcoin ETFs also continued their dismal run, experiencing $145 million worth of outflows on Monday.

DOGE bulls liquidated $60 million in long trades on Monday, faring worse than BTC counterparts, an unusual occurrence in the crypto futures market. The figures are the biggest hit DOGE has taken since May 2021.BTC long bets lost $47 million and ETH suffered worse than either of them at $76 million. Overall, crypto longs lost over $440 million as profit-taking and dollar strength weighed on the market, traders said. Open interest, or the number of unsettled futures bets, has dropped 16% to $600 million. Meanwhile, a long-short ratio tracking DOGE futures shows traders are positioning for further declines, with the ratio at 0.94 – indicating a bearish bias.

Layer-2 blockchain ZKsync kicked off its airdrop on Monday, with 45% of the tokens claimed in under two hours. The ZK token opened at $0.31 and is down about 32% since then, according to CoinGecko data. The market capitalization stands at about $800 million, based on the circulating supply, with about 3.7 billion tokens eligible to be distributed. On a fully diluted basis, the market cap would be $4.5 billion. Cryptocurrency exchanges Binance, Bybit and KuCoin have currently listed the ZK token, even though Binance had said it would postpone the listing after experiencing tech issues with its node.

Crypto traders looking for clues on pockets of the crypto market seeing signs of green shoots might want to consider XRP, LINK and ETH.

That's the message from Fairlead Strategies' latest analysis of the 12-week relative rotation graph of top alternative cryptocurrencies (altcoins) relative to BTC. The relative rotation graph (RRG) is a visual representation of the relative strength and momentum of multiple assets relative to a benchmark. The x-axis measures altcoins' relative strength compared to BTC and the y-axis indicates the momentum of altcoins' performance.

The graph comprises four quadrants: leading, weakening, lagging and improving. XRP, LINK and ETH all now sit in the improving quadrant, indicating that the three coins have lower relative strength than BTC, but their performance is gaining momentum.

The positive shift from the lagging quadrant to the improving quadrant suggests a rotational opportunity could unfold in the coming weeks, whereby capital might flow into the improving sector as investors seek exposure to resilient corners of the crypto market.

- Omkar Godbole