Bitcoin retreated after failing to break the $100,000 milestone on Nov. 24, causing one of the largest weekend crypto liquidation events in over half a year.
Over $470 million worth of crypto positions were liquidated over the last 24 hours. Long and short liquidations comprised $352.6 million and $119.9 million, respectively, with altcoins accounting for the vast majority of wiped positions, CoinGlass data shows.
Bitcoin (BTC) and Ether (ETH) accounted for a combined $108.9 million worth of liquidations, while Dogecoin (DOGE), XRP (XRP) and Stellar (XLM) rounded out the top five with $33.1 million, $27.6 million and $21.6 million liquidated.
Solana (SOL), Sandbox (SAND), Polkadot (DOT) and Cardano (ADA) saw the next largest liquidations.
It came as many of these altcoins from the 2020-2021 cycle unexpectedly outperformed across Nov. 23-24, increasing as high as 50% in XLM’s case.
The price rally also pushed DOGE to its highest point since May 2021 — the same month the memecoin skyrocketed to its all-time high, CoinGecko data shows.
Industry analyst Miles Deutscher believes 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 pointed to these utility tokens trading below fair value in a barbell market that has seen Bitcoin and memecoins outperform thus far.
Related: Bitcoin price will hit $1M, but at what cost? — Michaël van de Poppe
Bitcoin is currently trading at $97,790, down 2% from its all-time high of $99,645 on Nov. 22, when it came within striking distance of breaking $100,000.
Bitcoin’s price has rallied nearly 44% since Nov. 5, when Republican Donald Trump won the United States presidential election.
Bitcoin dominance is now at 56.2% of the total crypto market cap, worth $3.46 trillion, CoinGecko data shows.
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