$500M in Liquidations as Bitcoin Dumps Below $96K, Ripple Down 10% Daily

After several days of charting new peaks and coming less than $200 away from $100,000, bitcoin’s price has taken a breather and has dropped by over four grand since Friday’s high.

Several of the high-flying altcoins on Saturday have reversed their trajectory as well, with XRP, DOGE, and ADA dumping hard from the larger caps.

CryptoPotato reported yesterday BTC’s impressive surge that resulted in the asset exceeding $99,800 on most exchanges to chart its latest all-time high. While the community was preparing for a run toward and beyond $100,000, though, the cryptocurrency lost its momentum and started to retrace.

At first, it dropped to $98,000 on Sunday, as reported earlier, but the bears kept the pressure on and bitcoin fell even further to under $96,000. Its market cap has slipped below $1.9 trillion after losing over $60 billion since Friday.

Bitcoin/Price/Chart 24.11.2024. Source: TradingView

Many altcoins have dumped even harder in the past day, though. XRP is the leader after dropping by 11% from its local peak of over $1.6 to $1.34. ADA follows suit with a 9% decline that has taken it to under $1.

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

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

This substantial volatility has harmed over-levaraged traders, with nearly 200,000 such market participants wrecked in the past 24 hours. The total value of liquidated positions is up to almost $500 million. Naturally, the lion’s share belong to longs, with $383 million.

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

Liquidation Heat Map. Source: CoinGlass