Bitcoin pulled back after failing to surpass the $100,000 milestone on Nov. 24, triggering one of the largest weekend crypto liquidation events in over six months.
Over the last 24 hours, more than $470 million worth of crypto positions were liquidated.
Long and short liquidations amounted to $352.6 million and $119.9 million, respectively, with altcoins contributing the majority of wiped positions, according to CoinGlass data.
A total of $472.5 million in long and short positions were liquidated as Bitcoin fell short of the $100,000 mark.
Bitcoin (BTC) and Ether (ETH) accounted for $108.9 million worth of liquidations combined.
Dogecoin (DOGE), XRP, and Stellar (XLM) followed with liquidations of $33.1 million, $27.6 million, and $21.6 million, respectively.
Other significant liquidations included Solana (SOL), Sandbox (SAND), Polkadot (DOT), and Cardano (ADA).
Across Nov. 23–24, several altcoins from the 2020–2021 cycle posted unexpected gains, with XLM surging by as much as 50%.
DOGE also reached its highest price since May 2021, the same month it hit its all-time high, according to CoinGecko data.
Industry analyst Miles Deutscher commented, “More traders from the last cycle are re-opening their crypto wallets for the first time in a while and re-investing in tokens they’re familiar with.”
Others suggest that utility tokens may be trading below fair value in a market where Bitcoin and memecoins have led the way.
Bitcoin is currently priced at $97,790, down 2% from its all-time high of $99,645 on Nov. 22, when it came close to breaking $100,000.
Since Nov. 5, when Republican Donald Trump won the U.S. presidential election, Bitcoin has rallied nearly 44%.
Bitcoin dominance now stands at 56.2% of the total crypto market cap, valued at $3.46 trillion, CoinGecko data shows.
