Crypto Liquidations Hit $495 Million as Bitcoin Retraces

Highlights:

• Bitcoin’s price dip below $96K triggered $495 million in crypto liquidations.
• Galaxy Digital CEO Novogratz is confident Bitcoin will surpass $100,000 despite inevitable corrections and whale activity.
• Bitcoin has risen 44% since early November, reaching a market dominance of 58%.

On November 24, Bitcoin’s price dropped below $96,000, triggering one of the largest crypto liquidation events in over six months. Earlier this week, Bitcoin hit $99,320 on November 22, nearing the $100,000 milestone for the first time. Its price has steadily climbed since November 6, 2024, when it was around $75,000, following Republican Donald Trump’s victory in the U.S. presidential election. 

CoinMarketCap data shows Bitcoin dropped from a daily high of $98,515 on Sunday to $95,830 around 8:50 PM (GMT+3). However, the price recovered somewhat, trading at $97,865 at the time of writing. Despite the recent dip, Bitcoin has risen nearly 44% since early November. Its market dominance has reached 58%, with the total cryptocurrency market valued at $3.35 trillion.

Latest Crypto Liquidations

According to cryptocurrency analytics firm CoinGlass, $494.30 million in crypto was liquidated within the last 24 hours. This included $366.37 million in long positions and $127.93 million in short positions. Altcoins made up the majority of these liquidated positions. This widespread liquidation activity has affected 188,601 traders. Most liquidations happened on Binance and OKX, with $217 million and $120 million, respectively. 

Bitcoin saw liquidations totaling $78.88 million, with $56.33 million from long positions and $22.54 million from short positions. The second-largest crypto, Ethereum (ETH), also witnessed a 0.57% downturn over the past day — now trading at $3,385. ETH recorded liquidations amounting to $43.52 million, comprising $33.34 million from long positions and $10.18 million from short positions. 

Solana’s SOL fell 0.95% to trade at $253, while Dogecoin (DOGE) dropped over 2.62%. Dogecoin and Solana saw the liquidation of $17.20 million and $32.34 million, respectively, in the past 24 hours. XRP and Stellar also saw significant liquidations, with $30.55 million and $18.60 million wiped out, respectively.

This sharp decline followed a surprising rally in several altcoins, including XLM, which soared by 50% between November 23 and 24. Industry analyst Miles Deutscher suggests that many traders from the previous cycle are reopening their crypto wallets and re-investing in familiar tokens. Some noted that utility tokens remain undervalued in a barbell market, where Bitcoin and memecoins have led the way so far.

This is f*cking crazy.

Literally been transported back to 2021. pic.twitter.com/QDj0qaxVnJ

— Miles Deutscher (@milesdeutscher) November 23, 2024

Analyst Confident Bitcoin Will Surpass $100K Amid Corrections and Whale Activity

Galaxy Digital CEO Mike Novogratz warns of “inevitable” corrections due to high leverage but remains confident Bitcoin will exceed $100,000. Meanwhile, whales continue to accumulate Bitcoin after the recent price dip. Novogratz has noted that Bitcoin is undergoing “price discovery” after consistently setting new record highs in the past two weeks.

The firm observed that six new wallets withdrew 1,110 BTC from the Binance exchange within a few hours. Novogratz is “very confident” that Bitcoin won’t fall below the $80,000 mark, stating, “It would be shocking to me if we went back.”

Bitcoin nearing $100K is just the start. With pro-crypto leadership, global demand from the Middle East, and limited supply, the stage is set for much higher prices. We’re in price discovery now. That said, there’s massive leverage in the system. The crypto community is levered… https://t.co/hoVcM0lsfD

— Mike Novogratz (@novogratz) November 21, 2024

CryptoQuant Ki Young Ju said:

“While you’re selling, someone else is buying. Take a moment to think—are you smarter than those accumulating thousands, or even tens of thousands, of Bitcoin in custodial wallets?”