Altcoin price increases prompted sales of Dogecoin, XRP, Stellar, and Sandbox, while Bitcoin declined after failing to surpass $100,000.
Due to the fact that the prices of some of the top alternative cryptocurrencies from the 2020-2021 cycle increased by as much as fifty percent, more people sold Dogecoin, XRP, Stellar, and Sandbox than they normally would have.
After failing to surpass the $100,000 threshold on November 24th, Bitcoin saw a decline. In more than half a year, this weekend witnessed one of the most significant cryptocurrency sell-offs. In the past 24 hours, we have closed cryptocurrency contracts worth more than $470 million.
The total amount of long liquidations was $352.6 million, while the total amount of short liquidations was $119.9 million. The data from CoinGlass indicates that alternative cryptocurrencies constituted the vast majority of the deleted positions.
Bitcoin and Ether exchanged hands for a combined total of $108.9 million during the liquidation process. Dogecoin, XRP, and Stellar, the final three cryptocurrencies on the list, sold for a total of $33.1 million, $27.6 million, and $21.6 million, respectively.
Solana, Sandbox, Polkadot, and Cardano came in second, third, and fourth, respectively, in terms of the number of liquidations. As an analyst working in the cryptocurrency business, Miles Deutscher is of the opinion that a greater number of traders from the previous cycle are opening their cryptocurrency wallets for the first time in a while and investing in coins that they are already familiar with.
In a challenging market, where BTC and memecoins have outperformed, some individuals have reported that these utility tokens are being sold at a price below their true value. BTC will eventually reach one million dollars, but at what price will it be? There is Michaël van de Poppe. There is a 2% decrease in the value of Bitcoin from its all-time high of $99,645 on November 22 to its current value of $97,790.
During that price range, Bitcoin came very close to surpassing the $100,000 threshold. Since Donald Trump won the US presidential election on November 5, the value of bitcoin has increased by about 44 percent. Bitcoin makes up 56.2% of the total market capitalization of all cryptocurrencies, or $3.46 trillion.
