The cryptocurrency market is experiencing volatility, with Ethereum reaching a new all-time high and Bitcoin encountering a sharp decline. This article reviews the current events in the crypto industry.
Ethereum Reaches New High
Ethereum has broken its all-time high, hitting $4,946 before entering a correction. As of 4:16 EST, ETH traded at $4,577. Over the last three months, the price of Ethereum has soared by 74%. August has seen significant inflows into Ethereum-based ETFs, totaling $2.79 billion. According to Nate Geraci, president of NovaDius Wealth Management, there has been a notable shift in inflows between ETH and BTC ETFs.
Bitcoin Flash Crash
Bitcoin experienced a sudden flash crash, losing over 3% in minutes, leading to liquidations exceeding $800 million. This drop occurred after a whale sold 24,000 BTC to purchase ETH. In total, 164,316 traders were liquidated, with Bitcoin long positions facing the heaviest losses of $254.17 million.
General Market Trends
The market saw an overall decline, with total cryptocurrency capitalization dropping by 2% to $3.94 trillion. The Crypto Fear and Greed Index fell below 50, registering at 47, indicating neutral investor sentiment. Meanwhile, some altcoins, including Monero, VeChain, and XDC Network, saw positive movements of 2.67%, 2.50%, and 0.33%, respectively.
The cryptocurrency market continues to display significant volatility. Ethereum is setting new records, while Bitcoin faces sharp fluctuations. Monitoring market trends remains crucial for investors.