Crypto Crash Wipes $333M, But Ethereum Shows Signs of Recovery

Ethereum led today’s downturn in the crypto market as top cryptocurrencies saw their prices fall sharply. CoinGlass reports that $333 million vanished from the market in just 24 hours, with the majority—about $272 million—coming from long positions. Many traders had bet on prices rising before the crash.

Ethereum (ETH), the second-biggest cryptocurrency, also fell hard. Its price dropped from $2,659 to $2,421 in just 12 hours. Traders lost over $105 million on ETH on the last day, with $94 million coming from long positions.

However, Ethereum’s price has started recovering slightly since the crash. Right now, it’s trading at $2,516. While that’s better than its low point, it’s still down 4.8% from yesterday. Ethereum’s total market value has also shrunk by 4.69% to $302.97 billion. The market still feels uncertain, but Ethereum might be bouncing back.

Good News for Ethereum

Even with all the bad news, some Ethereum traders are buying more while prices are low, helping push the price back up a little. CoinGlass shows that the amount of ETH being traded has jumped by 100.91% in the last day, reaching $38.93 billion.

Also, the volume of Ethereum options trading has gone up by 96.18% to $874.02 million. This means traders are very busy, and most are buying rather than selling.

Looking at these numbers, the recent crash might just be a short-term correction. Ethereum could start climbing again soon.

The crash hit the whole crypto market hard, but ETH shows signs of recovery. Traders are jumping in to buy at lower prices, which could help push the price back up. While the market is still shaky, there’s hope that ETH and other cryptocurrencies will bounce back from this setback.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risk.