Bitcoin experienced a historic rally above $100,000 before dropping back into five-figure territory on December 5, causing liquidations across the market. The flagship cryptocurrency fell to a low of around $90,300 before attempting a recovery, trading at $95,500 at the time of writing. Approximately $885.61 million in leveraged positions were liquidated within 24 hours, affecting over 200,000 traders globally. Bitcoin was responsible for $540 million of these liquidations.
Long traders, who bet on rising prices, suffered the most significant impact, with $640.83 million in liquidated positions compared to $244.78 million for short positions. The largest single liquidation of $18.63 million occurred on OKX. Other altcoins, such as Ethereum, XRP, DOGE, and Solana, also experienced substantial liquidations totaling $232.42 million. The high volatility in Bitcoin’s price movement led to a combined $92 million liquidation across other cryptocurrencies.
Within just one hour, $284.43 million was liquidated, with the majority being long positions. Over the last 12 hours, $552.54 million in liquidations were recorded, with $482.81 million in longs and $69.72 million in shorts. The four-hour liquidation figure stood at $428.42 million, indicating increased volatility during Bitcoin’s decline. Editor’s note: the liquidation numbers may not be completely accurate due to the extreme volatility at the time of writing.
As of December 5, 2024, Bitcoin is ranked #1 by market cap, with a market capitalization of $1.91 trillion and a 24-hour trading volume of $146.19 billion. The price of Bitcoin has decreased by 2.22% over the past 24 hours. The total crypto market is valued at $3.52 trillion with a 24-hour volume of $360.25 billion, and Bitcoin’s dominance is at 54.14%. The market remains volatile, with fluctuations in Bitcoin’s price impacting the entire crypto market. Investors and traders should continue to monitor the market closely for further developments.
