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As the weekend approaches, the crypto economy experienced a downturn, declining 4.38% in the past 24 hours to a total value of $2.42 trillion. Bitcoin saw a decrease of 5.5% against the U.S. dollar during this period, while ethereum’s value dropped by 5.3%. In contrast, fantom (FTM) enjoyed a 12% increase, and aptos (APT) rose by 5.5% during the early trading hours on Friday.
Fantom and Aptos Shine Amidst Broader Crypto Market Downturn
The cryptocurrency market has been anything but stable, with all top ten cryptocurrencies (excluding stablecoins) experiencing declines in value, with the sole exception being avalanche (AVAX), the tenth-largest crypto by market cap. Bitcoin saw a 5.5% decline, 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. Several cryptocurrencies managed to navigate through the market’s decline, notably including FTM, APT, ICP, RON, AR, STX, AVAX, MKR, and KAS.
FTM experienced a 12% increase throughout the day, culminating in a 50% rise over the week. APT 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%. The biggest declines over the past day were seen in ONDO, PEP, JUP, SOL, and ARB.
Ondo (ONDO) faced a 13.7% decrease on Friday, while pepe (PEPE) encountered an 11.4% downturn. Jupiter (JUP) dropped by 10.3%, and SOL reported a 9.7% decline for the day. Over two dozen cryptocurrencies witnessed drops ranging from 5% to 13.7% in the last 24 hours, with another group experiencing declines of less than 5% against the greenback on Friday.
Leading in volume behind BTC, ETH, and stablecoins were Solana with $4.78 billion and Dogecoin with $3 billion. BNB, XRP, SHIB, and AVAX trailed behind SOL and DOGE as the cryptocurrencies with the highest volume. Currently, the market is in a phase of consolidation, with leading cryptocurrencies trading within a narrow margin as traders face a high degree of uncertainty.
What do you think about the current state of the crypto market on Friday? Share your thoughts and opinions about this subject in the comments section below.