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241125: Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge

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2024-11-25 | 5m

Dogecoin, XRP, Stellar and Sandbox saw a larger liquidation share than usual as some top altcoins from the 2020-2021 cycle soared as high as 50%. 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.

241125: Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge image 0

A total of $472.5 million in long and short positions were wiped over the last 24 hours as Bitcoin failed to cross $100,000. Source: CoinGlass

Bitcoin and Ether accounted for a combined $108.9 million worth of liquidations, while Dogecoin, XRP and Stellar rounded out the top five with $33.1 million, $27.6 million and $21.6 million liquidated. SOL, SAND, DOT, and 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.

Source: CoinTelegraph