{"id":1127,"date":"2024-11-02T19:13:09","date_gmt":"2024-11-02T19:13:09","guid":{"rendered":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-correction-triggers-296-million-in-liquidations-can-btc-still-hit-ath\/"},"modified":"2024-11-02T19:13:09","modified_gmt":"2024-11-02T19:13:09","slug":"bitcoin-price-correction-triggers-296-million-in-liquidations-can-btc-still-hit-ath","status":"publish","type":"post","link":"https:\/\/coinsvalue.net\/blog\/bitcoin-price-correction-triggers-296-million-in-liquidations-can-btc-still-hit-ath\/","title":{"rendered":"Bitcoin Price Correction Triggers $296 Million In Liquidations \u2013 Can BTC Still Hit ATH?"},"content":{"rendered":"

Bitcoin (BTC) has had a volatile 24 hours, hitting as low as $68,830 on the Binance crypto exchange before recovering some losses.<\/p>\n

Liquidation Data At A Glance<\/h2>\n

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.<\/p>\n

According to CoinGlass data <\/a>from the crypto liquidations tracker, more than $296 million of active positions were liquidated in the last 24 hours.\u00a0<\/p>\n

Nearly 77% were long positions, indicating that traders were largely betting on BTC\u2019s continued upward momentum. Binance saw the most liquidations at $124 million, followed by OKX with $74 million and Bybit with $65 million.<\/p>\n

\"crypto<\/p>\n

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.<\/p>\n

With yesterday\u2019s 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\"btc<\/p>\n

Can Bitcoin Still Hit ATH?<\/h2>\n

The question on the minds of crypto enthusiasts is whether BTC will achieve a new ATH during this rally. The answer is not straightforward.<\/p>\n

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.<\/p>\n

On the contrary, sentiment indicators like the Fear and Greed Index suggest the market is still in a \u2018greed\u2019 phase, hinting that there could be more pain for the market before the next leg up.<\/p>\n

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.<\/p>\n

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.<\/p>\n

\"bitcoin\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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…<\/p>\n","protected":false},"author":1,"featured_media":1128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[94,526,56,55,61,783,62,784,95,96,66,82],"class_list":["post-1127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-altcoin","tag-binance","tag-bitcoin","tag-bitcoin-news","tag-btc","tag-btc-dominance","tag-btcusdt","tag-crypto-liquidations","tag-cryptocurrency","tag-digital-asset","tag-ethereum","tag-solana"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1127","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=1127"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/1127\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/1128"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=1127"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=1127"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=1127"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}