$38 Billion in Ethereum (ETH) in 24 Hours, What's Happening?

The crypto market saw a horrific crash earlier today as top cryptocurrencies saw a major fall in their prices. CoinGlass reveals that almost $333 million were wiped out of the market in the last 24 hours. Nearly $272 million of it were in long liquidations as a majority of traders were in long positions owing to the positive sentiment before the crash.

The price of Ethereum (ETH), the second largest coin on the market, also went downhill during this time. It went from trading around $2,659 to trading at $2,421 within 12 hours. Moreover, the coin saw total liquidations of over $105 million in the last 24 hours. Long positions were liquidated for almost $94 million out of the total.

However, the ETH price has slightly recovered after the crypto crash. As of this writing, it is trading at $2,516. While it has shed some losses, the price is still down 4.8% over the past day. The market capitalization of Ethereum has also dropped 4.69% to $302.97 billion during this time. While uncertainty is still prevalent on the market, it appears that ETH is eyeing a rebound.

Major Ethereum metric turns bullish

Amid this period of negativity ion the market, ETH traders appear to be buying the dips. In doing so, they have been injecting positive momentum into the market, which is reflected in the slight recovery of the Ethereum price. According to CoinGlass data, the 24-hour trading volume of ETH has skyrocketed 100.91% to the whopping $38.93 billion level.

Moreover, the Options Volume of the coin has surged 96.18% to $874.02 million during this time. This means that traders are intensely busy with their trading activity, and it is mostly a buying spree as the selling pressure seems to be cooling down. Considering this, it is likely that the recent crash can be seen as a period of correction, and ETH may rebound from here.