As Bitcoin retraces, crypto liquidity reaches $470M as altcoins rise

Bitcoin retreated after failing to breach the $100,000 threshold on November 24, leading to the biggest crypto liquidation weekend in more than half a year.

More than $470 million worth of crypto positions have been deleted in the last 24 hours. Long and short liquidity accounted for $352.6 million and $119.9 million respectively, along with altcoins accounting for most of the liquidation, according to CoinGlass data.

Bitcoin (BTC) and Ether (ETH) held a combined liquidation of $108.9 million, while Dogecoin (DOGE), XRP (XRP) and Stellar (XLM) rounded out the top five with liquidation of $33.1 million, $27.6 million and $21.6 million respectively.

Solana (SOL), Sandbox (SAND), Polkadot (DOT), and Cardano (ADA) saw the next largest liquidity.

It unexpectedly outperformed the 2020-2021 cycle on November 23-24, rising up to 50% in the case of XLM.

The rally pushed DOGE to its highest level since May 2021 – the same month memecoin hit its highest level. CoinGecko displays information.

Industry analyst Miles Docher believes that many traders from the last cycle are re-opening their crypto wallets after a while and reinvesting in familiar tokens.

Others pointed out that these utility tokens, bitcoin and memecoins, are trading below their fair value in a barbell market that has seen its best yet.

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Bitcoin is currently trading at $97,790, down 2% from its November 22 high of $99,645, as it comes within striking distance of breaking $100,000.

Since November 5, when Republican Donald Trump won the US presidential election, the price of Bitcoin has increased by about 44%.

Bitcoin's dominance now stands at 56.2% of the total crypto market value, valued at $3.46 trillion, according to CoinGecko data.

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