Originally published on: November 24, 2024
After falling short of breaking the elusive $100,000 barrier on November 24, Bitcoin experienced a significant retreat, leading to one of the biggest weekend crypto liquidation events in recent months.
In the last 24 hours alone, over $470 million worth of crypto positions were liquidated, with long and short positions accounting for $352.6 million and $119.9 million, respectively. Altcoins took the biggest hit, with CoinGlass data indicating a wipeout of the majority of positions.
Bitcoin and Ether saw liquidations totaling $108.9 million, while Dogecoin, XRP, and Stellar rounded out the top five with significant amounts liquidated. Following closely behind were Solana, The Sandbox, Polkadot, and Cardano with substantial liquidation amounts.
The surge in altcoin performance on November 23-24 caught many off guard, with some tokens experiencing increases of up to 50%. Dogecoin even reached its highest point since May 2021, coinciding with its all-time high during that month.
Industry analyst Miles Deutscher pointed out that traders from the previous cycle are now re-opening their wallets and reinvesting in familiar tokens. Others believe that utility tokens trading below fair value in a market favoring Bitcoin and memecoins could be a contributing factor.
Despite the setback, Bitcoin is currently trading at $97,790, down 2% from its recent all-time high of $99,645. Its dominance in the market remains strong at 56.2%, with a total market cap of $3.46 trillion.
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