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Ethereum’s Rally To All-Time High of $2,600, Cut Short By Crypto Market Correction

  • ETH jumped to an all-time high of $2,641, followed by a sharp crypto market correction forcing it down to $2,100.
  • A trader on Coinbase sold 20,000 ETH earning $46 million in just four minutes.
  • In just the first quarter of 2021, the network has settled transactions worth $1.5 trillion.

On Thursday, the second-largest cryptocurrency by market capitalization, Ethereum (ETH), escalated to an all-time high of $2,641. Following the largely unforeseen hike, a sharp adjustment soon dragged the price down, correcting it to $2,100.

Ethereum and the Crypto-Market

Currently, Ethereum is trading at $2,275 with a 24-hour trading volume of $33.5 billion and a market cap of $263 billion.

Even in its short span, the sudden rise affected the overall crypto market enormously. Triggered by positions of over-leveraged traders, a massive sell-off led to tremendous liquidations across some cryptocurrency exchanges. CoinMarketCap’s data reveal the value of the overall crypto-market dropped by more than $250 billion, forcing the total market capitalization to around $1.85 trillion.

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Sell Off Earning Record Gains

Amid this heavy sell-off, several traders made record gains. One such trade, discussed in many of the emerging reports, was the sale of 20,000 ETH on Coinbase that earned the trader $46 million within just four minutes.

Uninterrupted, Largely Bullish Momentum

Despite Ethereum’s retracement in price, market proponents on the digital asset remained bullish. The network’s on-chain fundamentals were largely optimistic. The cryptocurrency witnessed high levels of outflows from several exchanges, and even the number of addresses holding Ethereum reached an all-time high.

The year 2021, so far, seems highly favorable for the growth of digital assets. In the first quarter itself, the network settled transactions worth $1.5 trillion, which essentially exceeds its overall transactions settled in 2020.

Disclaimer

The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.

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Ahtesham Anis
Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.