Bitcoin retreated after failing to break the $100,000 milestone on Nov. 24, causing one of the largest weekend crypto liquidation events in over half a year. 

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 data shows.

Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge image 0

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

Bitcoin ( BTC ) and Ether ( ETH ) accounted for a combined $108.9 million worth of liquidations, while Dogecoin ( DOGE ), XRP ( XRP ) and Stellar ( XLM ) rounded out the top five with $33.1 million, $27.6 million and $21.6 million liquidated.

Solana ( SOL ), Sandbox ( SAND ), Polkadot ( DOT ) and Cardano ( ADA ) 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 high 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 data shows.

Crypto liquidations reach $470M as Bitcoin retraces, altcoins surge image 1

Source: Miles Deutscher

Industry analyst Miles Deutscher believes 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 pointed to these utility tokens trading below fair value in a barbell market that has seen Bitcoin and memecoins outperform thus far.

Related: Bitcoin price will hit $1M, but at what cost? — Michaël van de Poppe

Bitcoin is currently trading 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 Donald Trump won the United States presidential election.

Bitcoin dominance is now at 56.2% of the total crypto market cap, worth $3.46 trillion, CoinGecko data shows.

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