Crypto liquidations reach $470M as Bitcoin nears $100K

The cryptocurrency market experienced liquidations totaling $470 million in the past 24 hours, driven by Bitcoin’s (CRYPTO:BTC) inability to break the $100,000 milestone on November 24.  

This marks one of the largest weekend liquidation events in recent months, according to CoinGlass.  

Bitcoin and Ether (CRYPTO:ETH) accounted for $108.9 million of the liquidated positions, while altcoins contributed the majority of losses.  

Dogecoin (CRYPTO:DOGE), XRP (CRYPTO:XRP), and Stellar (CRYPTO:XLM) saw liquidations of $33.1 million, $27.6 million, and $21.6 million, respectively.  

Other tokens, including Solana (CRYPTO:SOL), Sandbox (CRYPTO:SAND), Polkadot (CRYPTO:DOT), and Cardano (CRYPTO:ADA), also experienced significant liquidations during this period. 

Stellar witnessed a notable price increase of up to 50% over November 23-24, highlighting renewed interest in altcoins.  

Dogecoin reached its highest price since May 2021, with analyst Miles Deutscher attributing the rally to traders revisiting familiar tokens.  

“Utility tokens trading below fair value are gaining traction in this market,” Deutscher remarked.

Bitcoin’s price dipped slightly to $97,790, down 2% from its all-time high of $99,645 on November 22.  

Despite the decline, Bitcoin maintains dominance at 56.2% of the total cryptocurrency market cap, which stands at $3.46 trillion, according to CoinGecko data.  

The broader market has seen Bitcoin rally nearly 44% since November 5, following Donald Trump’s victory in the U.S. presidential election.  

Altcoins from the 2020-2021 cycle are also regaining momentum, suggesting diversification of trader interest across the digital asset market.  

At the time of reporting, the Bitcoin price was $97,302.43.