The cryptocurrency market experienced a downturn on Friday, with the total market capitalization dropping to $1.38 trillion. Bitcoin, the leading digital currency, saw its value decrease by 2.66% to $36,493.07, while Ethereum, the second-largest cryptocurrency by market cap, also fell by 3.50% to $1,982.92.
The decline in value affected several major cryptocurrencies over the past week. Bitcoin's market cap stood at $713.24 billion following a couple of price dips, and Ethereum's market cap was at $238.45 billion after shedding around $76 from its token value in a single day.
Despite the overall market slump, some cryptocurrencies managed to record profits. Dogecoin rose by 6.67%, and Tether remained stable at $1. Binance USD saw a notable increase of 3.27%, trading at $252.9997.
Solana, although it suffered a 9.24% drop on Friday, had a significant weekly gain of 25.09%. Similarly, Polkadot experienced a daily decrease of 2.26% but saw a weekly increase of 6.38%. Other altcoins like XRP and Cardano also faced declines.
The market volatility was evident as some DeFi tokens like Avalanche and Chainlink, as well as NFT tokens such as Internet Computer and Theta Network (LON:NETW), underwent price fluctuations.
BlackRock (NYSE:BLK)'s pending Ethereum ETF application has been a positive influence on market sentiment toward Ethereum, despite the recent price correction phase that experts suggest could lead to new highs or further declines.
The crypto market volume over the last 24 hours was reported at $71.62 billion, reflecting a dynamic nature with a 6.3% increase from the previous day. This contrasted with meme currencies like Shiba Inu which fell by 1.86% to $0.000008622 per token.
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