According to Decrypt, the crypto market experienced a downturn on Friday morning Eastern Time, with all major digital assets except for Dogecoin (DOGE) recording significant losses. Ethereum (ETF), XRP, and Solana (SOL) all saw substantial declines in the past day. However, Dogecoin managed to trade at $0.08, a 4% increase over the past 24-hour period, and gained more than 10% in value over the week, according to CoinGecko. In the past day, $2.7 billion worth of DOGE changed hands, with its trading volume only higher during specific events in 2023, such as Elon Musk changing his Twitter logo to a Shiba Inu in April and a Dogecoin developer teasing a new development in February.
Other major assets experienced a sell-off, with ETH losing its $2,000 per coin level it reached last week and trading at $1,941 after shedding more than 4% of its value. Bitcoin, the largest digital asset by market cap, traded slightly above $36,000 but took a 2% 24-hour hit. Bitcoin's dominance slid to 51%, impacting overall market sentiment. Stablecoins accounted for 89% of the total crypto market's trading volume in the past 24 hours. SOL, which had been on a significant run, was down over 9%, trading at $56.82 per coin. XRP lost over 5% in the past day, trading at $0.59 on Friday morning. Avalanche (AVAX), which surged on news that J.P. Morgan used the blockchain to tokenize portfolios, lost more than 10% of its value and traded at $20.97.
