Bitcoin Retraces As Crypto Liquidations Hit $470M

On November 24, Bitcoin experienced a decline after failing to surpass the $100,000 threshold, which resulted in weekend crypto liquidation events in more than six months.

In the past 24 hours, crypto positions valued at more than $470 million were liquidated. According to CoinGlass data, altcoins accounted for the overwhelming majority of wiped positions, with long and short liquidations comprising $352.6 million and $119.9 million.

BTC and Ether collectively liquidated $108.9 million in value, while Dogecoin, XRP, and Stellar rounded out the top five with liquidations of $33.1 million, $27.6 million, and $21.6 million, respectively.

Bitcoin Retraces & Altcoins Surge

The subsequent greatest liquidations were observed at Solana, Sandbox, Polkadot, and Cardano.

It occurred due to the unexpected outperformance of numerous altcoins from the 2020-2021 cycle on November 23-24, with XLM experiencing a 50% increase.

CoinGecko data indicates that the price rally also propelled DOGE to its highest point since May 2021, the same month memecoin reached its all-time high.

According to industry analyst Miles Deutscher, more traders from the previous cycle are reopening their crypto portfolios for the first time in a while and reinvesting in already familiar tokens.

In a barbell market that has seen BTC and memecoins outperform thus far, others have pointed to these utility tokens trading below fair value.

Bitcoin is trading at $97,790, a 2% decrease from its all-time peak of $99,645 on November 22, when it was on the brink of surpassing $100,000.

Since Republican Donald Trump won the United States presidential election on November 5, there has been a nearly 44% increase in the price of Bitcoin.

CoinGecko data indicates that Bitcoin currently controls 56.2% of the total crypto market valuation, valued at $3.46 trillion.