As a seasoned analyst with over two decades of market experience under my belt, I’ve seen my fair share of market crashes and recoveries. Today’s crypto market crash was no exception, but it did remind me of the rollercoaster ride we call investing. The $333 million wiped out in the last 24 hours is a stark reminder that the market doesn’t care about our feelings or expectations.
Today, a significant plunge occurred in the cryptocurrency market, with leading digital currencies experiencing substantial price drops. According to CoinGlass, approximately $333 million in market value was erased over the past 24 hours. A large portion of this loss, around $272 million, came from long liquidations, as a significant number of traders held long positions due to optimistic expectations prior to the crash.
During this period, the value of Ethereum (ETH), the second-largest cryptocurrency on the market, dropped significantly. In just twelve hours, it shifted from being traded at approximately $2,659 to being traded at $2,421. To add to that, in the last 24 hours, Ethereum experienced total liquidations worth more than $105 million. The majority of these liquidations, around $94 million, were long positions getting closed out.
Despite the recent crypto market downturn, the price of ETH has shown some signs of recovery and currently stands at approximately $2,516. However, it has experienced a minor loss of 4.8% over the past day. Furthermore, the market capitalization of Ethereum has decreased by 4.69%, now valued at $302.97 billion. Although there is still a degree of unpredictability in the market, it seems that ETH could be on the path to recovery.
Major Ethereum metric turns bullish
Despite the current pessimism in the market, Ethereum traders seem to be taking advantage of price drops by buying them. This action has been generating a positive wave within the market, as evidenced by Ethereum’s slight price increase. According to CoinGlass data, the 24-hour trading volume for ETH has significantly surged by approximately 100.91%, reaching an impressive $38.93 billion mark.
As an analyst, I’ve noticed a significant increase in the Options Volume for the coin, soaring by 96.18% to reach $874.02 million during this period. This surge suggests that trading activity is at a peak, and it appears that the market is primarily experiencing a buying frenzy, with selling pressure noticeably easing off. Given these observations, it seems plausible to interpret the recent drop as a corrective phase. If this assumption holds true, ETH could potentially regain its footing from this point onwards.
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2024-08-28 15:15