- In a rollercoaster ride, Bitcoin blasted beyond $89,000 before retreating to around $87,000, triggering futures liquidations surpassing $600 million on both bullish and bearish bets.
- This wild price gyration marked the most intense turbulence since BTC briefly touched above $73,000 earlier this year.
- Altcoins such as DOGE, SOL, and APT suffered hefty futures wipeouts, with DOGE enduring its largest liquidation event so far in 2024.
- DOGE outshined peers, rallying over 40%, outperforming the 24-hour gains of the entire top 100 tokens.
During the quiet early Asian trading hours, Bitcoin (BTC) briefly blasted through the $89,000 barrier before pulling back near the $87,000 mark, adding fuel to a volatile session that pushed its weekly rally past 32%.
The stormy swings unleashed nearly $700 million in liquidations on crypto futures tracked by exchanges, wiping out roughly $380 million held by bearish traders and $290 million staked by bullish positions. Such a mass liquidation event hasn’t been seen since early April when BTC climbed past its previous high near $73,000.
Mid-2024 Crypto Snapshot: The total crypto market capitalization hovers near $3 trillion, with Bitcoin dominance fluctuating around 45%. Average daily futures volumes have doubled compared to Q1 figures, reflecting heightened speculative activity.
Dogecoin’s Meteoric Rise
Dogecoin (DOGE) was a standout force, surging upwards by over 40%, closing in on a $0.41 price point, fueled partly by enthusiastic buzz around Elon Musk’s growing rapport with President-elect Donald Trump.
Bitcoin futures alone accounted for more than $200 million in short liquidations, while bearish Ether (ETH) trades saw around $40 million wiped out.
Altcoins’ Turbulent Ride
Other leading players like Solana (SOL) and Aptos (APT) registered futures losses exceeding $25 million each — a stark contrast to their usual sub-$5 million liquidation levels under calmer market conditions. This spike hints at a robust rotation back toward higher-risk positions among crypto speculators.
Meanwhile, Coinglass data reveals annualized funding rates have rocketed above 30% for select altcoin futures, underscoring the feverish trading sentiment gripping the market.
Market Sentiments and Projections
Following a distinctly bullish weekend, Bitcoin catapulted over 7% within the last 24 hours, buoyed by optimism stemming from Donald Trump’s victory in the U.S. presidential race.
Financial analysts predict that a Republican-controlled government could propel the overall crypto market capitalization to a staggering $10 trillion by 2026—more than tripling its current valuation—with price targets for Bitcoin hitting $100,000 before year-end.
Words of Caution
Despite the fever pitch, market watchers advise caution, flagging a potential pullback near the $90,000 threshold as leveraged positions may be forced to unwind. The path towards $100,000 is expected to be more gradual than the recent explosive surge suggests.
