Crypto Market Faces $470 Million Liquidation Wave as Bitcoin Retreats and Altcoins Surge
On November 24, Bitcoin struggled to break past the elusive $100,000 mark, resulting in a notable downward trend and triggering one of the largest liquidation events in recent months.Within just 24 hours, liquidations in the cryptocurrency market topped $470 million.
Market Liquidation Breakdown
According to data from CoinGlass, this staggering figure included approximately $352.6 million in liquidated long positions and $119.9 million in short positions.Most of the liquidated funds came from altcoins, showcasing a significant shift in market dynamics. In total, the combined liquidations for both Bitcoin (BTC) and Ether (ETH) accounted for around $108.9 million.
Other prominent players like Dogecoin (DOGE), XRP, and Stellar (XLM) also contributed to the liquidation wave, with figures totaling $33.1 million, $27.6 million, and $21.6 million, respectively.
Additionally, cryptocurrencies such as Solana (SOL), The Sandbox (SAND), Polkadot (DOT), and Cardano (ADA) faced considerable liquidation.
Resilience of Altcoins
Amid this backslide for Bitcoin, many altcoins from the previous market cycle showcased surprising resilience.For instance, XLM saw its price soar by as much as 50%, while Dogecoin reached its highest valuation since May 2021—around the time when the cryptocurrency peaked. Industry analyst Miles Deutscher noted a trend: traders from prior cycles are reactivating their crypto wallets and reinvesting in familiar tokens, demonstrating a resurgence of interest.
Meanwhile, various utility tokens appear undervalued despite the robust performances of Bitcoin and meme coins.
Bitcoin’s Current Position
Currently, Bitcoin is priced at $97,790, marking a 2% decline from its all-time high of $99,645, which it achieved on November 22.Since Donald Trump’s election victory on November 5, Bitcoin’s value has skyrocketed nearly 44%. Today, Bitcoin dominates the cryptocurrency landscape with a market share of 56.2%.
CoinGecko estimates the total market capitalization at approximately $3.46 trillion, reflecting the ongoing volatility and evolving nature of the market. “`html
Source: Cointelegraph.com
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