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Bitcoin retreated after failing to break the $100,000 milestone on Nov. 24, causing one of the largest weekend crypto liquidation events in more than half a year.&nbsp;
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 <a data-ct-non-breakable="null" href="https://www.coinglass.com/LiquidationData" rel="null" target="null" text="null" title="null">data</a> shows. 
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 <img alt="Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge" src="https://s3.cointelegraph.com/uploads/2024-11/0193607a-6a9b-7a39-9e6c-76d75a629837" title="">
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 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
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Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="null" target="null" text="null" title="null">ETH</a>) accounted for a combined $108.9 million worth of liquidations, while Dogecoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/doge-price-index" rel="null" target="null" text="null" title="null">DOGE</a>), XRP (<a data-ct-non-breakable="null" href="https://cointelegraph.com/xrp-price-index" rel="null" target="null" text="null" title="null">XRP</a>) and Stellar (<a data-ct-non-breakable="null" href="https://cointelegraph.com/stellar-price-index" rel="null" target="null" text="null" title="null">XLM</a>) rounded out the top five with $33.1 million, $27.6 million and $21.6 million liquidated.
Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="null" target="null" text="null" title="null">SOL</a>), The Sandbox (<a data-ct-non-breakable="null" href="https://cointelegraph.com/the-sandbox-sand-price-index" rel="null" target="null" text="null" title="null">SAND</a>), Polkadot (<a data-ct-non-breakable="null" href="https://cointelegraph.com/polkadot-price-index" rel="null" target="null" text="null" title="null">DOT</a>) and Cardano (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ada-price-index" rel="null" target="null" text="null" title="null">ADA</a>) 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 much 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 <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/dogecoin" rel="null" target="null" text="null" title="null">data</a> shows. 
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 <img alt="Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge" src="https://s3.cointelegraph.com/uploads/2024-11/01936079-e298-7844-8b53-1eebdf7d2f93" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/milesdeutscher/status/1860286397040722075" rel="null" target="null" text="null" title="https://x.com/milesdeutscher/status/1860286397040722075">Miles Deutscher</a>
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Industry analyst Miles Deutscher <a data-ct-non-breakable="null" href="https://x.com/milesdeutscher/status/1860318407478161668" rel="null" target="null" text="null" title="null">said</a> more traders from the last cycle are re-opening their crypto wallets for the first time in a while and re-investing in tokens they’re familiar with.
Others <a data-ct-non-breakable="null" href="https://x.com/CryptoFolky/status/1860319283776987529" rel="null" target="null" text="null" title="null">pointed</a> to these utility tokens trading below fair value in a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-vc-funding-drops-q3-projects-overlooked-galaxy-digital" rel="null" target="null" text="null" title="null">barbell market</a> that has seen Bitcoin and memecoins outperform thus far.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-can-hit-1-m-but-at-what-cost-michael-van-de-poppe" rel="null" target="null" text="null" title="null">Bitcoin price will hit $1M, but at what cost? — Michaël van de Poppe</a>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/explained/what-determines-the-bitcoin-price" rel="null" target="null" text="null" title="null">Bitcoin is trading</a> 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.
Bitcoin’s price has rallied nearly 44% since Nov. 5, when Republican <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/live-countdown-us-elections-2024-crypto-industry" rel="null" target="null" text="null" title="null">Donald Trump won</a> the United States presidential election.
<a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/how-bitcoins-growth-impacts-altcoins-and-defi" rel="null" target="null" text="null" title="null">Bitcoin dominance</a> is now at 56.2% of the total crypto market cap, at $3.46 trillion, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/global-charts" rel="null" target="null" text="null" title="null">data</a> shows.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/fbi-tokens-ai-crypto-wash-trades-is-it-legal/" rel="null" target="null" text="null" title="null">Legal issues surround the FBI’s creation of fake crypto tokens</a>

Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge

Cointelegraph

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