Bitcoin faced a pullback on November 24 after failing to break the $100,000 milestone, sparking one of the largest weekend crypto liquidation events in more than six months. Over the course of just 24 hours, crypto positions worth more than $470 million were liquidated, as traders experienced significant losses during the retracement.
According to CoinGlass data, the majority of liquidations came from altcoins, with long liquidations totaling $352.6 million and short liquidations reaching $119.9 million. Bitcoin and Ether accounted for $108.9 million of the total liquidations, while altcoins like Dogecoin, XRP, and Stellar followed suit with $33.1 million, $27.6 million, and $21.6 million liquidated, respectively.
Despite Bitcoin’s retracement, several altcoins that had underperformed during the 2020-2021 crypto bull run saw a surprising resurgence. From November 23 to 24, altcoins like Stellar (XLM) posted gains of up to 50%, a striking contrast to Bitcoin’s stall at the $100,000 mark. This rally led to Dogecoin reaching its highest price point since May 2021, the month it hit its all-time high, according to CoinGecko data.
Other altcoins, including Solana, The Sandbox, Polkadot, and Cardano, also saw significant liquidations, reflecting the volatility of the market. However, despite the surge in altcoin prices, the liquidation event still left a significant amount of value wiped from the market.
Industry analyst Miles Deutscher noted that many traders from the 2020-2021 cycle were beginning to re-engage with their crypto wallets, re-investing in tokens they were familiar with. He suggested that the resurgence of altcoins could be due to their perceived value in a market that has seen Bitcoin and memecoins outperform in recent months.
Bitcoin Nears $100,000, But Fails to Cross the Line
Bitcoin’s recent price action saw the cryptocurrency approach its all-time high of $99,645 on November 22, just shy of the $100,000 milestone. However, it failed to break through that level, leading to a slight pullback. As of the most recent data, Bitcoin is trading at $97,790, which represents a 2% decline from its high earlier in the week.
Bitcoin’s price has seen a remarkable rise of nearly 44% since November 5, when Donald Trump won the U.S. presidential election. This surge, combined with increased market interest in crypto following the election, has contributed to Bitcoin’s dominance in the crypto market, which now stands at 56.2% of the total market capitalization.
Bitcoin’s dominance in the crypto market has been strengthening, as it now accounts for 56.2% of the total $3.46 trillion market cap, according to CoinGecko data. This shift highlights Bitcoin’s continued strength, even as altcoins experience their own surges in the wake of the recent pullback.
As Bitcoin remains the most influential and widely adopted cryptocurrency, its dominance over the market continues to shape investor sentiment. The market’s current trajectory suggests that Bitcoin could continue to lead the way, even as altcoins have started to show signs of life again.
| Metric | Data |
|---|---|
| Total Liquidations (24 Hours) | $470 million |
| Bitcoin & Ether Liquidations | $108.9 million (combined) |
| Dogecoin Liquidations | $33.1 million |
| XRP Liquidations | $27.6 million |
| Stellar Liquidations | $21.6 million |
| Total Crypto Market Cap | $3.46 trillion |
| Bitcoin Price (Nov. 24) | $97,790 (down 2% from all-time high) |
| Bitcoin Dominance | 56.2% |
The continued dominance of Bitcoin is unquestionable, yet the recent altcoin surge highlights the growing diversity in the cryptocurrency ecosystem. Bitcoin’s failure to break the $100,000 mark might have triggered a market pullback, but altcoins are clearly carving out their own path, with many outperforming in recent weeks. While Bitcoin remains the leader, altcoins like Dogecoin, XRP, and Stellar show that investor interest is diversifying. As the market matures, it will be interesting to see if these altcoins can maintain their momentum or if Bitcoin will continue to dominate the narrative.
Featured image credit: pvproductions via Freepik
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