As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of market fluctuations and liquidation events. The recent Bitcoin retreat from the $100,000 milestone is no exception to the rule that markets can be unpredictable.
On November 24th, Bitcoin experienced a pullback as it failed to surpass the $100,000 mark, leading to one of the most significant cryptocurrency liquidations during a weekend in more than six months.
Approximately 470 million dollars’ worth of cryptocurrency positions were terminated in the past day. Of these, positions that were both long and short accounted for around 352.6 million and 119.9 million respectively, according to CoinGlass data. The majority of the liquidated positions were in altcoins.
The total value of Bitcoin (BTC) and Ether (ETH) liquidations amounted to approximately $108.9 million, while Dogecoin (DOGE), XRP (XRP), and Stellar (XLM) followed closely with liquidations totaling around $33.1 million, $27.6 million, and $21.6 million respectively.
Solana (SOL), Sandbox (SAND), Polkadot (DOT) and Cardano (ADA) saw the next largest liquidations.
On November 23rd and 24th, several altcoins from the 2020-2021 cycle surpassed expectations by significantly outperforming, with some even reaching a 50% increase, notably in the case of XLM.
The surge in prices propelled Dogecoin up to its peak level since May 2021, which was also the time when the popular meme cryptocurrency reached its record-breaking all-time high, as indicated by CoinGecko’s records.
According to industry analyst Miles Deutscher, it appears that some traders who had previously been away from the cryptocurrency market are now returning and investing once more in digital tokens that they recognize.
Some people have noted that these utility tokens are being traded at prices lower than their intrinsic worth, especially in a market where Bitcoin and meme coins have been performing exceptionally well so far.
Currently, Bitcoin is being traded at approximately $97,790, which represents a decrease of 2% compared to its record high of $99,645 set on November 22. On that day, it nearly reached the significant milestone of breaking the $100,000 mark.
As a researcher examining the market trends, I’ve observed an impressive surge in Bitcoin’s value. Since November 5th, the day Republican Donald Trump was elected as U.S. President, the price of Bitcoin has soared by approximately 44%. This upward trajectory is intriguing and warrants further investigation to understand potential underlying factors contributing to this rally.
Currently, the proportion of Bitcoin’s total market value within the entire cryptocurrency sector stands at approximately 56.2%, with a combined worth of around $3.46 trillion as per information from CoinGecko.
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2024-11-25 02:37