What Happened: Ethereum (CRYPTO: ETH), the second-largest cryptocurrency by market cap, rallied to an all-time high of $2,641 on Thursday before a steep correction across crypto markets forced it down to $2,100.
The cryptocurrency was trading at around $2,337 at the time of writing, and trading volume was up 29% over a 24-hour period.
Why It Matters: A massive selloff likely triggered by over-leveraged trader positions saw massive liquidations across a number of cryptocurrency exchanges.
Data from CoinMarketCap shows that the overall value of the crypto market fell by $250 billion, taking total market capitalization to $1.85 trillion.
Amidst the selloff, several reports emerged that a trader on Coinbase sold 20,000 ETH, which amounts to $46 million in a span of just four minutes.