Bitcoin traders experienced a significant amount of crypto liquidations totaling $553 million in just one day as the price of Bitcoin plummeted to its lowest point in the past week. Coinglass data from November 25 revealed that $413 million in long positions were liquidated as Bitcoin fell by nearly 5% to $92k.
The charts showing Bitcoin’s price movements over the past few months indicate a sharp decline in the last 12 and 4 hours, resulting in $344 million and $140 million in liquidations respectively. Short positions also saw an increase, reaching $138 million in the past day.
The main contributors to the crypto liquidations were Bitcoin (BTC) and Ethereum (ETH). Bitcoin had $24 million in both long and short positions, while Ethereum had $11 million in long positions and $3 million in short positions. Approximately 169,879 crypto traders were affected by these liquidations, with the majority coming from the Binance exchange, totaling $4.67 million in the BTC/USDT pair.
As a result of the market turmoil, the overall crypto market capitalization decreased by almost 3% to $3.23 trillion, with a trading volume of approximately $240 billion. Altcoins with smaller market capitalizations suffered losses of around $100 million due to the ongoing liquidations, following a total of $494 million liquidated on November 24.
Despite the recent market correction, this is considered normal following the previous month’s Bitcoin rally. Bitcoin continues to dominate the market with a share of 57.4%, and the crypto fear-greed index currently stands at 82 points, indicating a highly greedy market sentiment.
The current wave of momentum in the crypto market could potentially lead to further bullish movements, especially with promising macro-economic conditions in the United States. This positive outlook may help shift market sentiment towards altcoins as Bitcoin’s dominance decreases, potentially fueling a rally in the altcoin market.