Bitcoin's Retreat Triggers $470M Liquidations; Altcoins Steal the Show
Dogecoin, XRP, Stellar, and Sandbox experienced higher-than-usual liquidation shares as several altcoins from the 2020-2021 cycle saw price surges of up to 50%. Bitcoin's inability to surpass the $100,000 milestone on November 24 led to one of the largest weekend crypto liquidation events in over six months.
In the last 24 hours, crypto liquidations totaled over $470 million, with long and short positions contributing $352.6 million and $119.9 million, respectively.
Altcoins accounted for the majority of the liquidated positions. Bitcoin ( $98,148) and Ether ( $3,378.00) collectively accounted for $108.9 million of these liquidations. Dogecoin ( $0.4239), XRP ( $1.45), and Stellar ( $0.528) followed with $33.1 million, $27.6 million, and $21.6 million in liquidations, respectively.
Other notable liquidations included Solana ( $252.91), Sandbox ( $0.8092), Polkadot ($9.03), and Cardano ($1.03). These altcoins, particularly from the 2020-2021 market cycle, saw unexpected gains between November 23 and 24, with Stellar (XLM) surging as much as 50%.
The rally propelled Dogecoin to its highest level since May 2021, a period when the memecoin reached its all-time high.
Analyst Miles Deutscher suggests that traders from the previous cycle are revisiting their crypto investments, reinvesting in familiar tokens. Additionally, many of these utility tokens are believed to have been undervalued in a barbell market favoring Bitcoin and memecoins.
Bitcoin is currently trading at $97,790, down 2% from it's all-time high of $99,645 on November 22.
The cryptocurrency has surged nearly 44% since November 5, following Republican Donald Trump's victory in the U.S. presidential election. Bitcoin's market dominance now stands at 56.2% of the total crypto market capitalization, which is valued at $3.46 trillion.
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