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    Bitcoin’s Missed Target of $100,000 Triggers Major Crypto Market Turbulence and Losses

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    Bitcoin’s failure to reach $100,000 on November 24 led to a significant crypto market shakeup with over $470 million worth of cryptocurrencies lost in 24 hours. This included altcoins such as Ether, Dogecoin, and Stellar. Analyst Miles Deutscher suggests that more traders might be returning to the market, primarily picking coins they’re familiar with. Despite a 2% dip from its highest price, Bitcoin represents 56.2% of the total crypto market cap, valued at $3.46 trillion.

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    Bitcoin didn’t quite make it to the $100,000 mark on November 24, leading to a serious crypto shakeup over the weekend. It was the biggest one we’ve seen in more than six months.

    Cryptocurrencies worth over $470 million were wiped out in a 24-hour period. This included both long and short positions totaling $352.6 million and $119.9 million, respectively. Loads of different altcoins made up the majority of these wiped positions, according to CoinGlass data.

    Combining Bitcoin (BTC) and Ether (ETH), $108.9 million was wiped out. Plus, Dogecoin (DOGE), XRP, and Stellar (XLM) wiped out $33.1 million, $27.6 million and $21.6 million respectively.

    Other coins like Solana (SOL), Sandbox (SAND), Polkadot (DOT), and Cardano (ADA) weren’t spared either, seeing significant liquidations.

    Surprisingly, plenty of these altcoins had been performing pretty well on November 23 and 24. Some even surged by up to 50%, like XLM. Because of the price rally, DOGE managed to reach its highest price since May this year, when it reached its all-time highest price, CoinGecko data shows.

    Analyst Miles Deutscher reckons that more traders who were active in the last cycle are now dipping back into crypto, mainly putting their money into coins they already know.

    Others highlight that these utility tokens are currently being traded below their fair value in a ‘barbell market’, where until now, Bitcoin and memecoins have been performing best.

    Right now, Bitcoin is going for $97,790, which is a 2% dip from its highest-ever price of $99,645 on November 22. Ever since Donald Trump’s November 5th presidential election victory, the price has surged by nearly 44%.

    According to CoinGecko data, Bitcoin now makes up 56.2% of the total crypto market cap, which is valued at $3.46 trillion.

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