Analyst: BTC held up well despite largest-ever liquidations

Bitcoin demonstrated relative strength compared to altcoins during the largest-ever forced liquidation event on Oct. 11, according to an assessment by Charlie Erith, founder of Whistone Capital. According to CoinDesk, Erith noted that $18.7 billion in forced liquidations occurred that day, causing the market capitalization of altcoins—excluding BTC, ETH, and stablecoins—to fall 33% in about 25 minutes. While there has been a partial recovery since, the total cryptocurrency market cap has lost $560 billion (13.1%) since Oct. 6. Despite this, Erith observed that BTC's decline was comparable to that of large-cap tech stocks, adding that a price recovery is clearly possible as long as Bitcoin remains above its 365-day exponential moving average (EMA).