Amidst a downward trend in the crypto economy, with a decline of 4.38% in the past 24 hours, the total value of the market now stands at $2.42 trillion as the weekend approaches. Bitcoin and ethereum both experienced drops, with bitcoin seeing a decrease of 5.5% against the U.S. dollar and ethereum’s value dropping by 5.3%. However, amidst the broader market downturn, there were a few cryptocurrencies that managed to shine. Fantom (FTM) enjoyed a significant 12% increase, while aptos (APT) rose by 5.5% during the early trading hours on Friday.
The cryptocurrency market as a whole has been quite volatile recently, with all top ten cryptocurrencies (excluding stablecoins) experiencing declines in value, except for avalanche (AVAX), which is currently ranked tenth by market cap. Bitcoin saw a decline of 5.5%, ethereum fell by 5.3%, BNB was down by 1.3%, solana decreased by 9.7%, and XRP dropped 2.7% on Friday.
Overall, the crypto market contracted by 4.38%, with trading volume significantly reduced to $112.94 billion, marking a 23.17% fall in trading volume throughout the day. However, amidst this decline, there were a few cryptocurrencies that managed to navigate through the market’s downturn. Notable performers include FTM, APT, ICP, RON, AR, STX, AVAX, MKR, and KAS.
FTM experienced a remarkable 12% increase throughout the day, resulting in a 50% rise over the week. APT also climbed by 5.5% on Friday, contributing to a 26% weekly increase. ICP advanced by 5.5% against the dollar in the last 24 hours, with a total weekly gain of 2.3%. On the other hand, ONDO, PEP, JUP, SOL, and ARB were among the cryptocurrencies that faced the biggest declines in the past day.
ONDO encountered a 13.7% decrease on Friday, while PEPE saw an 11.4% downturn. JUP dropped by 10.3%, and SOL reported a 9.7% decline for the day. Additionally, over two dozen cryptocurrencies witnessed drops ranging from 5% to 13.7% in the last 24 hours, while another group experienced declines of less than 5% against the U.S. dollar on Friday.
In terms of trading volume, Solana and Dogecoin were the leaders behind BTC, ETH, and stablecoins. Solana recorded a trading volume of $4.78 billion, while Dogecoin had $3 billion. BNB, XRP, SHIB, and AVAX followed behind SOL and DOGE as the cryptocurrencies with the highest volume. Currently, the market is experiencing a consolidation phase, with leading cryptocurrencies trading within a narrow margin as traders face a high degree of uncertainty.
What are your thoughts on the current state of the crypto market on Friday? Share your opinions in the comments section below.
