The cryptocurrency market experienced significant sell-offs over the weekend when Bitcoin dropped about $4,000, leading to the highest liquidation levels in more than six months. Coinglass data showed that over $470 million in crypto investments were sold off within 24 hours, with $352.6 million from long positions and $119.9 million from short positions.
Bitcoin (BTC) and Ether (ETH) together accounted for $108.9 million in liquidations. Other cryptocurrencies, such as Dogecoin (DOGE), XRP, and Stellar (XLM), also saw liquidations of $33.1 million, $27.6 million, and $21.6 million, respectively. Solana, Sandbox, Polkadot, and Cardano also had notable liquidations.
Despite Bitcoin’s dip, some other cryptocurrencies did really well over the weekend. Dogecoin, which is the biggest memecoin, went up by 52.1% in the last two weeks. Stellar (XLM) also went up by more than 50%, doing better than other tokens during this time.
The surge in altcoins caught the attention of market analysts, who observed that their performance is nearing the highs of the 2021 bull market.
