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Correction Time: $70 Billion Evaporated in 2 Hours As ETH Plunged From $1170 To $900

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It’s perhaps safe to say that the past two hours have been some of the craziest on the cryptocurrency market for the past few years.

The total cryptocurrency market cap surged to more than $900 billion, only to lose around $70 billion in an instant.

ETH Lost Almost $300 In Two Hours

There’s no doubt that the center of attention over the past couple of days is Ethereum. ETH went on a rampage yesterday, claiming major resistance levels on the way up. It managed to surge to a high of $1,173 on Binance.

The interesting thing is that this happened less than a few hours ago. Since then, however, things have changed.

ethusd_chart
ETH/USD. Source: TradingView

As seen in the above chart, the cryptocurrency decreased to a low of around $914 for a total loss of about $270 in two hours. At the time of this writing, ETH has rebounded and currently trades at around $950.

It’s very interesting to see if it will be able to reclaim this important psychological level of $1,000 again. It’s also worth noting that ETH’s all-time high is just about 33% away from its current trading price, according to data from CoinGecko.

Market Down $70 Billion

Just a couple of hours ago, the total cryptocurrency market capitalization was sitting at $910 billion. Now, it’s down to $840 billion for a total loss of about $70 billion in less than a few hours.

It’s worth noting that during this time, Bitcoin also took a beating. The primary cryptocurrency went from about $33,300 to a low of $30,400, losing about $3,000 in the process. This has also increased the overall amount of liquidated positions on major exchanges.

In the past hour alone, we saw more than $314 million liquidated. The bulk of it is a long position, accounting for a grand total of $296 million. The majority of liquidations happened on Binance.

It’s interesting to see if this is a temporary dip or a longer-term correction. In any case, it’s important to remain particularly careful at times of extreme volatility like this.

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