investment.com , Editor Ambhini Aishwarya
Published on November 17, 2023 12:26am ET
The cryptocurrency market experienced a downturn on Friday, with the total market capitalization falling to $1.38 trillion. The value of leading digital currency Bitcoin fell 2.66% to $36,493.07, while Ethereum, the second-largest cryptocurrency by market cap, also fell 3.50% to $1,982.92.
Price declines affected several major cryptocurrencies last week. Bitcoin’s market cap stood at $713.24 billion after some price declines, and Ethereum’s market cap stood at $238.45 billion after losing nearly $76 from its token value in a single day.
Despite the overall market decline, some cryptocurrencies managed to register profits. Dogecoin rose 6.67%, and Tether remained stable at $1. Binance USD saw a notable rise of 3.27%, trading at $252.9997.
Solana, although suffered a 9.24% decline on Friday, made a significant weekly gain of 25.09%. Similarly, Polkadot saw a daily decline of 2.26% but a weekly increase of 6.38%. Other altcoins like XRP and Cardano also suffered declines.
The volatility in the market was evident as the price of some DeFi tokens like Avalanche and Chainlink as well as NFT tokens like Internet Computer and Theta Network fluctuated.
The pending Ethereum ETF application from BlackRock (NYSE:BLK) is having a positive impact on the market sentiment towards Ethereum, despite the recent price correction phase, with experts suggesting that new highs or further declines may occur.
The crypto market volume in the last 24 hours was recorded at $71.62 billion, an increase of 6.3% from the previous day, reflecting a dynamic nature. This is in contrast to meme currencies like Shiba Inu which fell 1.86% to $0.000008622 per token.
This article was generated with the support of AI and reviewed by an editor. See our terms and conditions for more details.
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