The crypto market took a hit Friday morning Eastern Time, with all major digital assets except for Dogecoin (DOGE) down significantly. Ethereum (ETH), XRP, and Solana (SOL) have all seen significant losses in the past day. At the time of writing, the original meme coin was trading for $0.08, a 4% increase over the past 24-hour period. And over the week, the asset, which was once Elon Musk’s favorite cryptocurrency, has gained more than 10% in value, according to CoinGecko.
In the past day, $2.7 billion worth of DOGE has changed hands. The only times the meme coin’s volume has been higher in 2023 were around the time that Musk changed the Twitter logo to a Shiba Inu in April and a Dogecoin developer teased at a new development in February.
As of 9.30am ET, it the best-performing top digital currency, CoinGecko data shows.
Elsewhere, though, major assets were hit by a sell-off. ETH lost its $2,000 per coin level it hit last week. As of this writing, it has shed more than 4% of its value and was trading for $1,941. Bitcoin, the biggest digital asset by market cap, was still trading above $36,000—only slightly—but had taken a 2% 24-hour hit.
In the past day, Bitcoin’s dominance slid slightly to 51%, impacting overall market sentiment. Stablecoins dominated the trading volume in the past 24 hours, accounting for 89% of the total crypto market’s trading volume.
And SOL, which had been on a big run, was down over 9%, trading hands for $56.82 per coin. XRP was also a big loser—having lost over 5% in the past day, the asset was trading for $0.59 Friday morning.
And Avalanche (AVAX), which yesterday surged on news that banking giant J.P. Morgan used the blockchain to tokenize portfolios, lost more than 10% of its value. It was trading for $20.97 by the time this story was published.
The crypto market took a hit on Friday morning Eastern Time, with all major digital assets except for Dogecoin (DOGE) experiencing significant losses. Ethereum (ETH), XRP, and Solana (SOL) all saw significant declines, while Dogecoin (DOGE) was the only asset to gain in value. Bitcoin’s dominance in the crypto market also slid slightly to 51%, impacting overall market sentiment. Stablecoins dominated the trading volume in the past 24 hours, accounting for 89% of the total crypto market’s trading volume. This is bad news for the crypto market, as it shows a lack of confidence in the market. #CryptoMarket #Dogecoin #Ethereum #XRP #Stablecoins #Bitcoin
You can read more about this topic here: Decrypt: DOGE Go Up: Ethereum and Solana Hit Hard By Sell-Off—But Dogecoin Makes Gains