Bitcoin (BTC) has dropped 1.6% against the U.S. dollar over the last 24 hours, with trading volume reaching $88.57 billion, much of it driven by selling activity. A portion of this pressure appears to stem from investors reallocating funds into altcoins, many of which are enjoying notable price increases. Despite Tuesday’s decline, BTC remains up 2.4% for the week and an impressive 37.5% over the past 30 days.
Bitcoin’s dominance in the $3.41 trillion crypto economy has fallen to 54.8%, down from highs above 60%. Its most-traded pairs today include USDT, USD, FDUSD, USDC, and KRW. As of 9:20 a.m. on Dec. 3, BTC is priced at $94,020 globally, but on South Korea’s Upbit exchange, it trades at a discounted $93,105. In fact, amid political tensions in South Korea, BTC’s price slipped below the $75,000 range, but quickly rebounded.
On derivatives platforms, bitcoin experienced $89.25 million in liquidations, with $55.63 million tied to short positions. Across the broader crypto derivatives market, including altcoins, a staggering $578.43 million in positions were liquidated in the past day, affecting 207,300 traders. One particularly unfortunate trader on Okx saw a $15.09 million BTC-USDT-Swap position wiped out.
As bitcoin experiences a slight correction, the movement toward altcoins signals a possible shift in market sentiment, with investors diversifying into emerging assets. This trend could suggest an evolving narrative in the crypto economy, as traders seek opportunities beyond bitcoin’s historically dominant position, even as BTC retains a strong foothold in overall performance metrics.
The broader activity in crypto derivatives highlights the market’s high-stakes dynamics, with liquidations emphasizing the risks and rewards at play. Traders navigating this volatile environment are reminded of the importance of strategy and adaptability, particularly as bitcoin’s dominance shifts. These patterns may shape the trajectory of digital assets heading into the next phase of the market cycle. By 9:56 a.m. on Tuesday, bitcoin rebounded and jumped well above the $95,000 zone.
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