The long-awaited $100,000 threshold for Bitcoin is taking forever as Bitcoin retracted over the weekend leading to massive crypto liquidations.
The liquidation levels witnessed over the weekend were the biggest in over half a year as Bitcoin retraced by roughly $4,000 over the weekend.
Coinglass data revealed that over $470 million worth of crypto positions were liquidated over the last 24 hours.
Long and short liquidations are $352.6 million and $119.9 million respectively.
Liquidations by Crypto Assets
Bitcoin BTC and Ether ETH accounted for a combined $108.9 million worth of liquidations, while Dogecoin DOGE, XRP, and Stellar rounded out the top five with $33.1 million, $27.6 million, and $21.6 million liquidated.
Solana, Sandbox Polkadot, and Cardano saw the next largest liquidations.
Bitcoin’s retraction did not reflect on other altcoins as some of them pumped over the weekend and outperformed the last serious altcoin surge.
Dogecoin the largest memecoin surged by 52.1% in the last 14 days becoming one of the highest performers in the market. Stellar (XLM ) was another high-performing altcoin over the week with an over 50% surge as well.
Analysts react to Altcoin’s surge
Analysts reacted to Altcoin’s impressive performance pointing out that the altcoins are approaching 2021 levels in terms of performance.
- Experienced analyst Miles Deutscher believes traders from the last major bull cycle of 2021 are coming back to trade in tokens they are familiar with.
- He pointed out three building blocks to understand the altcoins surge in the market now.
“ There has been a paradigm shift in the crypto market dynamics over the past 2 days. I’ll explain how.
There are currently 3 camps of “retail”, each with a very different motive/perspective: “The Old Guard”, “Fresh”, and “Crypto-Native”.
“The old guard” are logging onto Coinbase/Robinhood for the first time in years, and are seeing their old bags (like $XRP, $ADA, $DOGE, etc) up massively. They then tell their friends, who are already familiar with these tokens, so there is less mental friction when it comes to entering a new position/holding these coins.
- “Fresh” retail are those who weren’t around in 2021 and are mostly coming into crypto to jump into the memecoin casino. They see the crazy pumps on TikTok, Reddit, from their friends, etc., and are downloading Solana/moonshot wallets to ape on-chain memes (many of which constitute a younger demographic).
Then, you have CT (“crypto-native”) retail, who are more experienced, and have probably outperformed the majority of this year, but are now experiencing the first week of underperforming (likely still making money, but just less than other sectors). Many of them are now feeling like they’re “mid-curving”. Miles tweeted.
What to Know
Altcoins like Solana, Dogecoin, and Cardano have surged by 4.5%, 15.3%, and 38.0% in the last 7 days.
Bitcoin is currently trading at $98,309, down 1% from its all-time high of $99,645 on Nov. 22. The Primary crypto recently hit $99,645 coming very close to the accepted $100,000.
