A sharp drop in Bitcoin’s price to $96,000—failing to breach the $100,000 milestone—has triggered one of the largest cryptocurrency liquidation events in over six months. In the past 24 hours, crypto liquidations exceeded $500 million, according to data from CoinGlass.
Long Positions Lead Liquidation Wave
Of the total liquidations, long positions accounted for $379 million, while short positions saw $125.49 million wiped out. Bitcoin and Ether were the most affected, contributing $121 million in liquidated positions.
Other altcoins also faced significant losses. Dogecoin, XRP, and Stellar collectively saw liquidations of $34.20 million, $30.27 million, and $18.95 million, respectively.
Market Volatility Follows Altcoin Rally
The sell-off follows a surprising rally among altcoins like Stellar (XLM), which surged by 50% between November 23 and 24. Dogecoin, during the same period, hit its highest price since May 2021, reflecting renewed interest among traders.
Industry analyst Miles Deutscher attributes this activity to the return of market participants from previous cycles. Many are targeting well-known tokens, seizing opportunities as utility tokens trade below perceived fair value.
Bitcoin’s Current Standing
Despite the downturn, Bitcoin remains robust, currently priced at $97,790—a slight pullback from its recent all-time high of $99,645. The cryptocurrency has gained nearly 44% since the start of November. Bitcoin’s dominance now stands at 56.2% of the total cryptocurrency market, which is valued at $3.46 trillion.
While the dip has unsettled some investors, many see it as a temporary correction within a broader bullish trend, reflecting the volatile but resilient nature of the cryptocurrency market.
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