Originally published on: November 24, 2024
Bitcoin faced a setback as it fell short of reaching the much-anticipated $100,000 milestone on Nov. 24, resulting in a significant crypto liquidation event over the weekend.
In the past 24 hours, over $470 million worth of crypto positions were liquidated. The liquidations included both long and short positions, totaling $352.6 million and $119.9 million, respectively. Altcoins took the biggest hit, wiping out the majority of positions, according to CoinGlass data.
Among the cryptocurrencies affected by the liquidation, Bitcoin at $97,275 and Ether at $3,734.62 accounted for a combined $108.9 million worth of losses. Dogecoin, XRP, and Stellar followed closely behind with $33.1 million, $27.6 million, and $21.6 million liquidated, respectively.
Other cryptocurrencies such as Solana, The Sandbox, Polkadot, and Cardano also saw significant liquidations as altcoins unexpectedly surged during Nov. 23-24, some increasing by as much as 50%.
Industry analyst Miles Deutscher noted that traders from previous cycles are re-engaging with the market and reinvesting in familiar tokens. This resurgence, coupled with utility tokens trading below fair value, has contributed to the recent altcoin rally in a market where Bitcoin and memecoins have been leading.
Despite the setback, Bitcoin is currently trading at $97,790, down 2% from its all-time high of $99,645 on Nov. 22. Bitcoin dominance remains at 56.2% of the total crypto market cap, standing at $3.46 trillion, according to CoinGecko data.
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