- Crypto liquidations wipe hundreds of millions from the market.
- BTC is falling after its valuation reaches almost six figures.
The cryptocurrency market witnessed a major liquidation event over the weekend, wiping out nearly $500 million in the past day. facts from Coinglass.
This enormous event followed Bitcoins [BTC] recent price activity. The leading cryptocurrency hit an all-time high of over $99,500 last week before falling to $96,000 on November 24. The sharp dip, coupled with market volatility, led to extensive liquidations, sending traders into panic.
AMBCrypto reported that despite leading analysts assigning an 81% probability of BTC reaching $100,000, the weekend ended without the expected breakout from bearish pressure.
Crypto Market Meltdown: A Deep Dive into Liquidations
Notably, AMBCrypto’s in-depth analysis of Coinglass data found that 188,666 traders experienced liquidations in the past 24 hours, with total losses reaching $495.74 million.
Furthermore, long positions bore the brunt of the losses, accounting for $366.72 million, while short positions contributed $128.99 million to the total figure.
The most significant liquidation order occurred on Binance, involving a BTC/USDT trade that resulted in a staggering $13.4 million loss.
Binance also dominated the leaderboard in terms of total liquidations, with a whopping $215.90 million. Other major exchanges followed suit, including OKX with $119.57 million, Bybit with $115.61 million, and HTX, which recorded liquidations worth $27.84 million.
Which coins were most affected?
Meanwhile, King Coin accounted for the highest liquidations among cryptocurrencies, wiping out $79.06 million, followed by Ethereum. [ETH] at $43.57 million.
Source: Coinglass
Dogecoin [DOGE]Ripple [XRP]and Sandbox [SAND] rounded out the top five with $32.3 million, $30.6 million and $24.97 million, respectively.
Interestingly enough, SAND and Bonk [BONK] saw more short liquidations than long liquidations, bucking the broader trend of long liquidation dominance.
Crypto market cap drops
With all the top 10 coins registering losses, the global cryptocurrency market cap fell to $3.35 trillion, reflecting a decline of 0.74% in the past 24 hours. CoinMarketCap.
At the time of writing, BTC was trading at $97,876, down 0.43% on the day. During the same period, it generated a trading volume of $53.5 billion and maintained a market capitalization of $1.9 trillion.
Among the top 10 cryptocurrencies, DOGE saw the biggest loss, down 3.50% to trade at $0.422.
These sectors defied market trends
As the broader market faltered, some sectors bucked the trend. According to CoinGecko, the Gaming Finance (GameFi) market cap rose to $24.4 billion, marking a 10% increase from the past day.
In the same way the Decentralized science (DeSci) market cap grew 6.3% to $1.22 billion. The Metaverse The sector also saw significant growth, with a 14% increase bringing the market capitalization to $14.6 billion. In the meantime, Play to earn (P2E) tokens gained ground, with their market capitalization rising 17.4% to $14.4 billion.
With volatility at its peak, the crypto community is watching with bated breath to see if Bitcoin can regain its upward momentum and break the elusive $100,000 mark.