Bitcoin’s Recent Price Movement
Bitcoin’s historic rally above $100,000 faced a setback on Dec. 5 when the leading cryptocurrency dropped back below six figures, triggering a wave of liquidations across the market.
Price Fluctuations
- Bitcoin almost entirely erased the 24-hour gains that propelled it to a new all-time high of $103,679.
- It dipped to a low of around $90,300 before making a recovery.
- As of the latest data from CryptoSlate, Bitcoin was trading at $95,500 amidst significant volatility.
Impact of Liquidations
Within the past 24 hours, approximately $885.61 million in leveraged positions were liquidated, affecting 202,956 traders globally. The liquidations were as follows:
- Bitcoin: $540 million
- Ethereum (ETH): $105.53 million
- XRP: $57.07 million
- DOGE: $37.54 million
- Solana: $29.28 million
- Other cryptocurrencies: $92 million
Long traders, who anticipated price increases, accounted for $640.83 million of the total liquidations, representing 72.4%.
Market Volatility
Further analysis reveals that $284.43 million was liquidated within a single hour, with the majority attributed to long positions. Over the past 12 hours, a total of $552.54 million in liquidations occurred, comprising $482.81 million in longs and $69.72 million in shorts.
During Bitcoin’s decline, the four-hour liquidation amount reached $428.42 million, indicating heightened volatility in the market.
Editor’s Note: Due to extreme volatility at the time of publication, the liquidation figures may not be entirely accurate.
Market Data Snapshot
Bitcoin Market Data
As of Dec. 5, 2024, 10:44 pm UTC, Bitcoin holds the top rank by market cap. The current price is down by 2.22% over the past 24 hours, with a market capitalization of $1.91 trillion and a trading volume of $146.19 billion.
Crypto Market Summary
At the same time, the total crypto market is valued at $3.52 trillion, with a 24-hour volume of $360.25 billion. Bitcoin dominance stands at 54.14%.