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

Bitcoin ( BTC ) 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.

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 led crypto liquidations on Monday as altcoins soared

While BTC and ETH long and short liquidations totaled $108.9 million, altcoins like Dogecoin ( DOGE ), XRP ( XRP ) and Stellar ( XLM ) saw a combined $82.3 million in long positions liquidated.

Solana ( SOL ), Sandbox ( SAND ), Polkadot ( DOT ) and Cardano ( 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.

According to industry analyst Miles Deutscher, many traders from the last bull cycle are re-opening their crypto wallets for the first time in a while and choosing to re-invest in tokens that they’re already 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.

Bitcoin is currently trading at $97,790, down 2% from its all-time high of $99,645 on Nov. 22, when it came within striking distance of breaking $100,000.

The apex crypto’s price has rallied nearly 44% since Nov. 5, when Republican Donald Trump won the United States presidential election.

Bitcoin’s price has surged by more than 300% year-to-date, outperforming major fiat currencies, stocks, bonds and commodities in 2024.

However, BTC’s gains have slowed down in recent weeks as the token faces resistance at key price points and as the broader crypto market stalls following an explosive 2024.

Related: Bitcoin price will hit $1M, but at what cost? — Michaël van de Poppe

Despite the slowdown in price gains, several analysts and traders remain bullish on Bitcoin in the long term, with some predicting that BTC could cross $100,000 by the end of 2024.

Others, including crypto influencer Lark Davis, have predicted that Bitcoin could hit as high as $250,000 in the next bull cycle.

A recent analysis by Michaël van de Poppe also suggested that BTC could hit $1 million in the next bull cycle, but at the cost of a massive crypto bear market.

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