$500 Million in Liquidations as Bitcoin Falls Below $96,000, Down 10% Daily

After several days of charting new highs and coming within $200 of $100,000, the price of bitcoin has taken a breather and is down more than four grand from Friday’s peak.

Several of Saturday’s high-flying altcoins have also reversed course, with XRP, DOGE and ADA all pouring hard from the biggest limits.

CryptoPotato reported on BTC’s impressive surge yesterday that saw the asset surpass $99,800 on most exchanges to mark its latest all-time high. However, as the community prepared for a run towards $100,000 and beyond, the cryptocurrency lost its momentum and began to retreat.

It initially fell to $98,000 on Sunday, as previously reported, but bears kept the pressure on and bitcoin fell further to below $96,000. Its market capitalization has fallen below $1.9 trillion after losing more than $60 billion since Friday.

Bitcoin/Price/Chart 24.11.2024. Source: TradingView

However, many altcoins have been thrown even further over the past day. XRP is the leader after falling 11% from its local high of over $1.6 to $1.34. The ADA follows suit with a 9% decline to less than $1.

Some losses are evident from the always volatile meme coin sector, with BRETT down 10%, followed by BONK (-9%), FLOKI (-8%) and WIF (-7.5%).

Dogecoin is also in the red, down from almost $0.5 on Saturday morning to $0.41 now.

This substantial volatility has hurt overvalued traders, with nearly 200,000 market participants in the last 24 hours. The total value of liquidated positions is almost $500 million. Naturally, the lion’s share belongs to the longs, with 383 million dollars.

The largest took place on Binance and was worth over $13 million.

Liquidation heat map. Source: CoinGlass SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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