ETH Crashes 9% After ATH, Market Cap Sheds $60 billion in Hours
On Aug. 25, ethereum plunged to $4,352 just hours after it breached the $4,900 mark for the first time. Market cap dipped from nearly $600 billion to $529 billion.
Market Pullback and Major Liquidations
Hours after breaking past $4,900, Ethereum ( ETH) tumbled by nearly 7% to $4,415, causing its market capitalization, which had edged closer to $600 billion when ETH surged to a new all-time high (ATH) of $4,955 on Aug. 24 (2:05 p.m. EST), to decline to just above $529 billion.
ETH’s sharp pullback was a symptom of a broader bearish sentiment that swept across the market, causing bitcoin ( BTC) and most other high-cap altcoins to endure significant losses within 24 hours. BTC, which had enjoyed a rally after U.S. Federal Reserve Chairman Jerome Powell’s dovish Jackson Hole speech, tumbled to $110,584, marking its lowest price point since July 10. Despite the sharp drop, the top cryptocurrency managed to stage a recovery, climbing back above $112,000 at the time of writing (Aug. 25, 1:38 p.m. EST).
In the broader market sell-off, other high-cap altcoins also experienced significant losses: XRP plunged by 4.3%, SOL (6.8%), DOGE (8.9%), and SUI (9.1%). Even LINK, one of the best-performing altcoins of the past seven days, saw its value drop by 8%.
According to Coinglass liquidation data, ETH’s tumble alone wiped out $221 million in long positions over 24 hours, a clear sign that the digital asset’s sharp pullback caught many traders by surprise. During the same period, nearly $45 million in shorts were also liquidated, bringing the total liquidations on ETH to $266.36 million.
