Bitcoin’s failure to reach the $100,000 milestone triggered a massive wave of liquidations across the cryptocurrency market this weekend, marking one of the largest selloffs since spring 2024.
The failed breakthrough on November 24 triggered a cascade of position closures across the digital asset space, highlighting the market’s persistent volatility despite its overall bullish trend.
Altcoins Bear the Brunt of Liquidations
Traders faced devastating losses totaling over $470 million in the past 24 hours as cryptocurrencies retreated from their recent peaks. Long positions bore the heaviest impact, accounting for $352.6 million of the liquidations, while short positions contributed $119.9 million to the total, according to data from CoinGlass.
Alternative cryptocurrencies (altcoins) suffered the most significant blows, with Bitcoin and Ethereum collectively accounting for $108.9 million in liquidations.
Similarly, Dogecoin, XRP, and Stellar emerged as the next most affected tokens, with liquidations reaching $33.1 million, $27.6 million, and $21.6 million respectively. Other prominent altcoins, including Solana, The Sandbox, Polkadot, and Cardano, also experienced substantial position wipeouts.
Market Remains Bullish Despite Setback
Despite the significant liquidation event, the broader cryptocurrency market maintains its bullish momentum. Bitcoin continues to demonstrate remarkable strength, trading at $98,407 – merely 1.2% below its recent all-time high of $99,645 achieved on November 22.
This article does not contain investment, financial, legal, accounting or tax advice or recommendations. All investment and trading activities carry risk, including the potential loss of funds. Therefore, you should conduct your own research when making a decision.
