{"id":100983,"date":"2024-11-25T02:18:47","date_gmt":"2024-11-25T06:18:47","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100983"},"modified":"2024-11-25T02:18:52","modified_gmt":"2024-11-25T06:18:52","slug":"bitcoin-retraces-as-crypto-liquidation-hit-470m","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-retraces-as-crypto-liquidation-hit-470m\/","title":{"rendered":"Bitcoin Retraces As Crypto Liquidations Hit $470M"},"content":{"rendered":"\n

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

\"Bitcoin
Bitcoin Retraces As Crypto Liquidations Hit $470M<\/em><\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

\"A
A total of $472.5 million in long and short positions were wiped over the last 24 hours as Bitcoin failed to cross $100,000. Source: CoinGlass<\/em><\/figcaption><\/figure>\n\n\n\n

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.<\/p>\n\n\n\n

Bitcoin Retraces & Altcoins Surge<\/h3>\n\n\n\n

The subsequent greatest liquidations were observed at Solana, Sandbox, Polkadot, and Cardano.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

CoinGecko data\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> indicates that the price rally also propelled DOGE to its highest point since May 2021, the same month memecoin reached its all-time high.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

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

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.<\/p>\n\n\n\n

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

CoinGecko data indicates that Bitcoin currently controls 56.2% of the total crypto market valuation, valued at $3.46 trillion.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":59,"featured_media":99929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,148,146],"class_list":["post-100983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-ether","tag-xrp"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/11\/Bitcoin7.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100983"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/99929"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}