Weekend wipeout: Bitcoin stumbles, $500M in liquidations follow!

• Crypto liquidations wipe hundreds of millions from the market.
• BTC dips after nearing six-digit valuation.

The cryptocurrency market witnessed a major weekend liquidation event, with nearly $500 million wiped out over the past day, as per data from Coinglass. 

This massive event followed Bitcoin’s [BTC] recent price activity. The leading cryptocurrency hit an all-time high of over $99,500 last week before dropping as low as $96,000 on 24th November. The sharp dip, coupled with the market volatility, triggered extensive liquidations, leaving traders reeling.

AMBCrypto reported that despite leading analysts assigning an 81% probability of BTC hitting $100,000, the weekend closed without the expected breakthrough amid bearish pressure.

Crypto market meltdown: A deep dive into liquidations

Notably, AMBCrypto’s in-depth analysis of Coinglass data revealed that 188,666 traders faced liquidations over the past 24 hours, with total losses amounting to $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 overall figure.

The most significant single liquidation order took place on Binance, involving a BTC/USDT trade that resulted in a staggering $13.4 million loss. 

Binance also dominated the leaderboard in total liquidations, with a massive $215.90 million cleared. Other major exchanges followed, including OKX with $119.57 million, Bybit at $115.61 million, and HTX, which recorded liquidations worth $27.84 million.

Which coins were impacted the most?

Meanwhile, the king coin accounted for the highest liquidations among cryptocurrencies, with $79.06 million wiped out, 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, SAND and Bonk [BONK] saw more short liquidations than longs, bucking the broader trend of long-liquidation dominance.

Crypto market cap dips

With all top 10 coins registering losses, the global cryptocurrency market cap dropped to $3.35 trillion, reflecting a 0.74% decrease over the past 24 hours as per CoinMarketCap. 

At press time, BTC was trading at $97,876, marking a 0.43% decline in a day. Over the same period, it generated $53.5 billion in trading volume and maintained a market capitalization of $1.9 trillion. 

Among the top 10 cryptocurrencies, DOGE experienced the steepest loss, plunging by 3.50% to trade at $0.422.

These sectors defied market trends

While the broader market faltered, some sectors defied the trend. According to CoinGecko, the Gaming Finance (GameFi) market cap rose to $24.4 billion, marking a 10% increase over the last day. 

Similarly, the Decentralized Science (DeSci) market cap grew by 6.3% to $1.22 billion. The Metaverse sector also saw significant growth, with a 14% surge pushing its market cap to $14.6 billion. Meanwhile, Play-to-Earn (P2E) tokens gained traction, with their market cap jumping 17.4% to $14.4 billion.

With volatility at its peak, the crypto community watches with bated breath to see if Bitcoin can reclaim its upward momentum and break past the elusive $100,000 barrier.