- Bitcoin hit $100,000 but fell to $93.7K amid market liquidations.
- $570.6 million in liquidations happened on November 5th, with long positions mostly affected.
- Memecoins like Doge and Shib showed resilience, gaining value despite Bitcoin’s decline.
After hitting the historic milestone of $100,000 per coin—Bitcoin saw a harsh decline in the intraday charts, falling to as low as $93.7K during the day.
November 5th saw massive liquidations in the crypto market, particularly amongst the top currencies by market capitalization. Data from CoinGlass discloses a massive $570.6 million liquidations, with the total of the last 24 hours in the market surpassing $1.12 billion.
The overwhelming majority of these liquidations come from long positions ($423 million), while short positions totaled $147 million. This data indicates that a huge chunk of the market cashed out at the milestone, causing a sudden decrease in the value of Bitcoin.
Interestingly, the memecoin market didn’t appear to suffer the same effects of the Bitcoin correction. While BTC has collected a 0.9% decrease in value over the last 24 hours, memecoins like Doge, Shib, Pepe, and WIF are showcasing a commendable performance during that same timeframe.
Dogecoin remains comfortably above the $0.43 margin—scoring a 4.84% increase in value throughout the day. Following suit Pepe also shows a near 4% increase. Bonk Inu and DogWifHat are among the top earners with commendable 8.15% and 9.47% increases, respectively.
While one day is far from enough proof to start talking about the ‘altseason’, today’s perspective on the crypto market shed light that perhaps investors are beginning to become more interested in alt and memecoin.
Bitcoin Dominance, i.e. the total amount of the crypto market made up of Bitcoin, fell to its lowest value since June. Currently at 55.3%, the last time Bitcoin Dominance levels reached this low while coming downwards was in April of 2021.
