Ethereum

2024

Bitcoin

April

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Earlier today, the price of Ethereum, the second-largest cryptocurrency, <a href="https://www.coingecko.com/">crashed</a> by 15% in mere minutes.&nbsp;&nbsp;
It plunged to an intraday low of $2,112, which is the lowest level recorded by the flagship altcoin since January.&nbsp;&nbsp;
Despite its massive market cap, Ethereum has underperformed the broader cryptocurrency market. In fact, it even underperformed the meme coin sector. Not a single meme cryptocurrency from the top 10 has seen such a dramatic price drop.&nbsp;
According to data provided by cryptocurrency analytics platform CoinGlass, a whopping $217 million worth of Ethereum long positions have been liquidated over the past 12 hours. The OKX exchange accounts for 38.5% of liquidations.
A whale who took a long position in Ethereum ended up getting liquidated and losing $22.3 million during today's market crash.&nbsp;
<h2 id="schiff-takes-a-victory-lap">Schiff takes a victory lap&nbsp;&nbsp;</h2>
Last week, cryptocurrency naysayer Peter Schiff <a href="https://x.com/PeterSchiff/status/1820277507968344147">predicted</a> that the price of the altcoin would soon crash below the $2,000 level. He pointed to the fact that Ethereum exchange-traded funds were already down 15% despite trading for only two weeks.&nbsp;
"It's only been two days and Ethereum already hit $2,100. So 90% of that forecast has already come true," Schiff said in a social media post.&nbsp;
Commodity trader Peter Brandt has also stated that his downside target for Ethereum has been met.
<blockquote>
 The downside target from the rectangle top has almost already been met. But of course, we all know charting does not work. <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> <a href="https://t.co/oQONPEGaBS">pic.twitter.com/oQONPEGaBS</a>— Peter Brandt (@PeterLBrandt) <a href="https://twitter.com/PeterLBrandt/status/1820271160879358067?ref_src=twsrc%5Etfw">August 5, 2024</a>
</blockquote> 
<h2 id="bitcoin-dominance-keeps-rising">Bitcoin dominance keeps rising&nbsp;</h2>
While Bitcoin has also taken a significant hit, plunging by nearly 9%, its drop pales in comparison to the one that was recorded by its main rival.&nbsp;
This pushed Bitcoin's market dominance to 58%, the highest level since April 2021.&nbsp;
The leading cryptocurrency is currently trading at $52,876 on the Bitstamp exchange.&nbsp;

Ethereum (ETH) Collapses 15% in Five Minutes

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