Due to increased skepticism among traders, Ethereum (ETH), the world's second-largest cryptocurrency, is under tremendous selling pressure. Because of the ongoing "dumping market" crisis, global market capitalization has plummeted dramatically.
According to data from cryptocurrency aggregator CoinMarketCap, the price of Ethereum has dropped by 19% in the last 24 hours. At the time of writing, ETH was trading at an average price of $1,230. Not surprisingly, its 24-hour trading volume has increased by 130% to $47.6 billion.
$160 Million in Long Liquidations
According to Coinglass data, over $228 million worth of Ethereum trade positions has been liquidated in the last 24 hours. Long positions have constituted the lion's share of these liquidations, at $160 million. This accounts for 70% of all positions taken by traders.
According to PeckShieldalert, $11.5 million in Ethereum is set to be liquidated if the price continues on its descent to $1150.
Meanwhile, Whale Alert recently reported that a crypto whale has transferred $22.5 million in Ethereum to an unknown wallet. Despite the price drop, the whales have moved more than $107.2 million in ETH.
Global Crypto Market on a Meltdown
The global digital asset market, on the other hand, has dropped 13% in the last 24 hours, with the total market capitalization falling below the critical $1 trillion mark. It is now worth $865.6 billion. Meanwhile, 24-hour trading volume has increased by 82% to $215 billion.
Also, Bitcoin's price has dropped by nearly 11% in the last 24 hours. At press time, BTC is struggling at an average price of $17,600.
Buterin Posts Revised Ethereum Roadmap on Twitter
In other news, the co-founder of Ethereum, Vitalik Buterin, recently posted an update on the Ethereum roadmap.
In a series of tweets on Saturday, November 5, Buterin announced that the Ethereum roadmap had entered another phase called “The Scourge,” which sets its focus on the inclusion of reliable, fair, neutral, and credible transactions for the network. The roadmap phase will also focus on solving the centralization and censorship risks that arose following the Merge upgrade.
The Verge upgrade phase will introduce what Buterin called "Verkle Trees," which store more data in a smaller proof, allowing for a smaller and more organized node size. The phase now includes "verification" to make verifying blocks with SNARKs super simple.
Finally, each category comes with its own set of milestones. The role of quantum proofs will be made more clear as a necessary component of the "endgame" protocol.
Weeks of Bull Effort Down the Drain
Ethereum has seen weeks of clawback rallies wiped away overnight as the crisis in the crypto market heightens. The blockchain-based cryptocurrency slumped past the $1,150 mark on November 9, tapping its lowest point since July 14.
The cryptocurrency must now claw its way out of this pit and back to decent standings again, an effort that could take weeks or months.
While a drop to the $1,000 round figure is unlikely at this time, persistence or escalation of the underlying bearish factors in the market in the near term could make this unlikely journey for Ethereum possible.
ETH Statistics Data
ETH Current Price: $1,230
ETH Market Cap: $148.4B
ETH Circulating Supply: 122.3M
ETH Total Supply: 122.3M
ETH Market Ranking: #2
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.