Bitcoin Price Correction Triggers $296 Million In Liquidations – Can BTC Still Hit ATH?
02 Novembre 2024 - 5:00AM
NEWSBTC
Bitcoin (BTC) has had a volatile 24 hours, hitting as low as
$68,830 on the Binance crypto exchange before recovering some
losses. Liquidation Data At A Glance Although BTC is trading close
to its all-time high (ATH) value of $73,737, yesterday’s quick drop
in price cast doubts on whether the top digital asset will be able
to record a new ATH. Related Reading: Bitcoin Makes ATH Against
Euro Due To Change In Dollar Strength, Details Inside According to
CoinGlass data from the crypto liquidations tracker, more than $296
million of active positions were liquidated in the last 24
hours. Nearly 77% were long positions, indicating that
traders were largely betting on BTC’s continued upward momentum.
Binance saw the most liquidations at $124 million, followed by OKX
with $74 million and Bybit with $65 million. In digital assets,
Bitcoin led with over $97 million worth of positions liquidated,
followed by Ethereum (ETH) at $47 million, and Solana at nearly $17
million. With yesterday’s slump, the total crypto market cap has
shrunk by about 3.5%, currently valued at $2.48 trillion. It is
worth noting that although BTC is close to its ATH, the total
crypto market cap is still considerably far from its ATH of $2.98
trillion recorded in November 2021. The gap between BTC’s
performance and the overall market cap suggests that altcoins have
not kept pace with BTC’s recent gains, contributing to the
disparity. This could also indicate a cautious investor sentiment,
favoring BTC over altcoins during uncertain periods. At the same
time, it suggests that there is still a lot of room for altcoins to
grow, which could tempt some more risk-seeking investors to
accumulate altcoins in hopes of extraordinary gains relative to
BTC. That said, Bitcoin dominance – a metric that gauges the
proportion of the overall crypto market cap commanded by BTC – is
steadily climbing toward 60%. A higher BTC dominance could spell
disaster for altcoins already trailing BTC in price action. Can
Bitcoin Still Hit ATH? The question on the minds of crypto
enthusiasts is whether BTC will achieve a new ATH during this
rally. The answer is not straightforward. Related Reading:
Bitcoin’s Active Addresses Signals Golden Cross—What Next For BTC?
Factors supporting a potential new ATH include the increased
likelihood of pro-crypto US presidential candidate Donald Trump
winning the election, the effects of BTC halving, increased inflows
to BTC exchange-traded funds (ETF), and a low interest rate
environment. On the contrary, sentiment indicators like the Fear
and Greed Index suggest the market is still in a ‘greed’ phase,
hinting that there could be more pain for the market before the
next leg up. Regardless of the outcome, the crypto market will
likely remain volatile in the coming days. However, long-term BTC
holders do not appear fazed by this prospect, as profit-taking
remained relatively muted when the digital asset crossed $71,000.
At press time, BTC trades at $71,524, up a modest 0.6% in the past
24 hours, with a reported market cap of $1.41 trillion. Featured
image from Unsplash, Charts from CoinGecko, CoinGlass, and
Tradingview.com
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