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Earlier today, the price of Ethereum, the second-largest cryptocurrency, crashed by 15% in mere minutes.
It plunged to an intraday low of $2,112, which is the lowest level recorded by the flagship altcoin since January.
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.
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.
Schiff takes a victory lap
Last week, cryptocurrency naysayer Peter Schiff predicted 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.
"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.
Commodity trader Peter Brandt has also stated that his downside target for Ethereum has been met.
The downside target from the rectangle top has almost already been met. But of course, we all know charting does not work. $ETH pic.twitter.com/oQONPEGaBS
— Peter Brandt (@PeterLBrandt) August 5, 2024
Bitcoin dominance keeps rising
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.
This pushed Bitcoin's market dominance to 58%, the highest level since April 2021.
The leading cryptocurrency is currently trading at $52,876 on the Bitstamp exchange.