Bitcoin experienced a decline after failing to surpass $100,000 on November 24th, leading to one of the largest crypto liquidation events in six months. Over $470 million worth of crypto positions were liquidated in the last 24 hours. Long and short liquidations amounted to $352.6 million and $119.9 million, respectively.
Most of the wiped positions were altcoins, according to CoinGlass data. Bitcoin (BTC) and Ether (ETH) accounted for $108.9 million in liquidations, while Dogecoin (DOGE), XRP (XRP), and Stellar (XLM) made up the top five with $33.1 million, $27.6 million, and $21.6 million liquidated, respectively.
Solana (SOL), Sandbox (SAND), Polkadot (DOT), and Cardano (ADA) experienced the next largest liquidations. The unexpected outperformance of many altcoins from the 2020-2021 cycle contributed to this price rally. Dogecoin reached its highest point since May 2021. Analyst Miles Deutscher believes that more traders from the last cycle are re-opening their crypto wallets and re-investing in familiar tokens.
Others suggest that these utility tokens are trading below fair value in a barbell market where Bitcoin and memecoins have outperformed. Bitcoin’s current price is $97,790, down 2% from its all-time high of $99,645 on November 22nd. Since November 5th, Bitcoin’s price has increased by nearly 44% following Republican Donald Trump’s win in the US presidential election.
Bitcoin dominance now stands at 56.2% of the total crypto market cap, worth $3.46 trillion, according to CoinGecko data.
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