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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.

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