Shiba Inu, Dogecoin retreat by double digits as rally cools, liquidations up to $900 million

After about a week of consecutive gains and charting all-time highs, bitcoin’s run has finally cooled as the asset was rejected twice at the $90,000 level.

As expected, the naturally more volatile altcoins have seen even more turbulent corrections over the past day, leaving nearly 300,000 traders in the lurch.

Bitcoin/Price/Chart 11/13/2024. Source: TradingView

It was a mind-blowing week for bitcoin, which began with Donald Trump’s victory in the 2024 US presidential election last Wednesday. The asset started gaining strength even before the results were official because of Trump’s substantial lead.

It surpassed its March ATH of $73,737 last Wednesday and continued to pump in the following days. Over the weekend, it topped $80,000 and soared to around eight thousand on Monday. The bulls started another rally yesterday that took the cryptocurrency to $90,000 on a couple of occasions.

However, after all, it failed to break that level, at least for now, and subsequent rejections pushed it south to $5,000. As of now, BTC is trading below $87,000, down more than 2% on a daily basis.

Many altcoins have pulled back even harder. DOGE, which has been at the forefront of this massive rally, is down 10% to under $0.37. The OG meme coin peaked at $0.44 yesterday.

Cardano, which also gained hugely due to a recent Hoskinson announcement, is down 10.5% to $0.53.

Shiba Inu has left most of the larger-cap alternatives, losing its 10th place to TRX. SHIB has fallen 17% and is now struggling to stay above $0.000024.

This volatility has hurt over-leveraged long traders, with approximately 280,000 market participants liquidated over the past 24 hours. The total value of the settlements exceeds 900 million dollars, with the long responsible for the lion’s share.

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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