$BTC Liquidation reached $490 million as Bitcoin retraced, altcoins surged!!!

Bitcoin retraced after failing to surpass the $100,000 mark on November 24, leading to one of the largest cryptocurrency liquidation events over the weekend in more than six months.

In the past 24 hours, over $490 million worth of trading positions have been liquidated. Long and short positions accounted for $349.19 million and $141.36 million, respectively, with the majority of the wiped positions being altcoins, according to data from CoinGlass.

Bitcoin (BTC) and Ether (ETH) accounted for $169 million in liquidation value, while Dogecoin (DOGE), XRP, and Stellar (XLM) ranked in the top five with $34.4 million, $27.61 million, and $22.04 million liquidated, respectively.

Solana (SOL), Sandbox (SAND), Polkadot (DOT), and Cardano (ADA) are the next altcoins with the largest liquidation amounts.

This occurred as many altcoins from the 2020-2021 cycle unexpectedly outperformed on November 23-24, with the highest increase reaching up to 50% in the case of XLM.

This price surge also pushed DOGE to its highest level since May 2021 – the month when this memecoin soared to its all-time high.

Industry analyst Miles Deutscher suggests that many traders from the previous cycle are reopening their cryptocurrency wallets after a long time and reinvesting in tokens they are familiar with.

Some other opinions suggest that these utility tokens are being traded below their fair value.

Bitcoin is currently trading at $97,000, down 3% from its all-time high of $99,645 on November 22, when it nearly touched the $100,000 mark.

Currently, Bitcoin accounts for 56.2% of the total cryptocurrency market capitalization, valued at $3.46 trillion, according to data from CoinGecko.