Ethereum drops 20% in mere minutes
Today, Ethereum's value took a sharp downturn, dropping by 20% within a brief span of time.
This sudden decline saw it touch a new low for the year at $2,112, marking its lowest point since January.
Despite possessing a considerable market capitalization, Ethereum has lagged behind the wider crypto market. Remarkably, it has even fallen short of the performance of meme-based digital currencies. None of the top 10 meme coins have experienced such a precipitous fall in value.
Recent statistics from CoinGlass, a crypto analytics service, reveal that Ethereum long positions worth an astonishing $217 million were liquidated in just the last 12 hours. The OKX exchange was the platform for over 38.5% of these liquidations.
In today’s market downturn, a large-scale investor faced a significant loss, being forced to liquidate their long Ethereum position, culminating in a loss of $22.3 million.
Last week, Peter Schiff, a notorious cryptocurrency critic, forecasted a downfall for Ethereum below the $2,000 threshold. He highlighted the underperformance of Ethereum exchange-traded funds, which were down 15% after only two weeks on the market.
Similarly, trader Peter Brandt acknowledged that Ethereum had reached his anticipated low point.
Although Bitcoin has experienced a downturn itself, shedding close to 15% of its value.
This decline in Ethereum's value has contributed to an increase in Bitcoin's market dominance, which now sits at 58%, the highest it has been since April 2021.
Presently, Bitcoin is being traded for $51,000 on the Bitstamp exchange.
