Crypto Liquidations Hit $500 Million as Bitcoin Plummets Below $98,000
Bitcoin failed to reach the $100,000 milestone late last week. The selling pressure near that level has triggered one of the biggest liquidation events this year, with over $500 million wiped out since Sunday.
According to CoinGlass data, about $382 million worth of long positions have been liquidated, while short traders have lost $121 million. The data further shows that altcoins account for the majority of the liquidated positions.
Coins that have seen the largest liquidations in the past 24 hours include Dogecoin ($33.1 million), XRP ($27.5 million), Stellar ($21.6 million), Solana ($14 million), Sandbox ($12.9 million), Cardano ($11.1 million), and Polkadot ($10.4 million). Meanwhile, Bitcoin and Ethereum account for a combined $107 million in liquidations.
Old Giants Surge Amid Crypto Liquidations
The massive liquidations come as several altcoins that performed exceptionally in the 2020-2021 bull run surged unexpectedly. For example, XLM is now a top-20 crypto asset after rallying 149% in the past seven days. It is trading at $0.53 for the first time since October 2021, data from CoinGecko shows.
But why are these assets rallying? According to crypto analyst Miles Deutscher, investors from the last bull cycle are back in the market and injecting funds into cryptocurrencies they are familiar with. Other experts say these tokens have been undervalued in a market where meme coins seem to be the main focus. So, they believe crypto assets like XLM, which have utility, are now attracting investors’ attention.
Bitcoin to Cross $100K Before 2025, QCP Capital Says
Meanwhile, QCP Capital expects Bitcoin to cross $100,000 before the end of the year. In a statement, the trading firm said on Friday that strong institutional and retail demand for crypto coupled with easing of money policies by central banks worldwide could help the coin achieve the milestone.
Further, QCP Capital believes the incoming US government, led by Bitcoin enthusiast Donald Trump, could introduce policies that promote crypto innovation, thus pushing Bitcoin’s price to $150,000.
Crypto Market Today
BTC is currently valued at $97,834, down 0.3% in the past 24 hours per CoinGecko data. Ethereum has slid to $3,381 following a 1.2% loss. Dogecoin has recorded the highest loss (3.4%) among the top 10 cryptocurrencies. It is priced at $0.42.
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