On November 24, Bitcoin dropped in price after failing to break the $100,000 mark, leading to one of the largest crypto consumption events in over half a year.
In the past 24 hours, over $470 million worth of crypto positions have been liquidated. Long position liquidations accounted for $352.6 million, while short position liquidations accounted for $119.9 million, with the majority of the liquidations related to altcoins, according to data from CoinGlass cited.
A total of $472.5 million worth of positions were liquidated in the past 24 hours as Bitcoin failed to break the $100,000 mark. Source: CoinGlass.
BTC and ETH accounted for a combined $108.9 million in liquidations, while Dogecoin (DOGE), XRP (XRP), and Stellar (XLM) saw $33.1 million, $27.6 million, and $21.6 million in liquidations, respectively.
Solana (SOL), Sandbox (SAND), Polkadot (DOT), and Cardano (ADA) also saw significant liquidations following.
This occurred as many altcoins from the 2020-2021 cycle unexpectedly outperformed on November 23-24, with growth reaching up to 50% in the case of XLM.
This price surge also pushed DOGE to its highest level since May 2021 — the time when this memecoin saw a historic peak, according to data from CoinGecko cited.
Source: Miles Deutscher
Industry analyst Miles Deutscher believes that many traders from the previous cycle are now reopening their crypto wallets for the first time in a long while and reinvesting in familiar Tokens.
Others point out that these utility Tokens are being traded below their true value in a barbell market, where BTC and Memecoins have outperformed so far.
Currently, BTC is trading at $97,790, down 2% from its ATH of $99,645 on November 22, when it nearly reached the $100,000 mark.
BTC price has risen nearly 44% since November 5, when Republican Donald Trump won the U.S. presidential election.
BTC's market dominance currently stands at 56.2% of the total crypto market capital, worth $3.46 trillion, according to data from CoinGecko cited.
