Investing.com Editor Ambhini Aishwarya published this article on Nov 17, 2023 12:26AM ET.
The cryptocurrency market saw a downturn on Friday, with the total market capitalization dropping to $1.38 trillion. Bitcoin, the leading digital currency, decreased by 2.66% to $36,493.07, and Ethereum, the second-largest cryptocurrency, fell by 3.50% to $1,982.92.
Bitcoin’s market cap dropped to $713.24 billion, while Ethereum’s market cap was at $238.45 billion following a significant decrease of $76 from its token value. Despite the market slump, some cryptocurrencies experienced profits. Dogecoin rose by 6.67%, and Tether stayed stable at $1. Binance USD saw an increase of 3.27%, trading at $252.9997.
Solana, although it suffered a 9.24% drop on Friday, had a weekly gain of 25.09%. Similarly, Polkadot experienced a daily decrease of 2.26% but had a weekly increase of 6.38%. Other altcoins like XRP and Cardano also faced declines.
DeFi tokens such as Avalanche and Chainlink, and NFT tokens such as Internet Computer and Theta Network, all underwent price fluctuations. The market volume over the last 24 hours was reported at $71.62 billion, showing a 6.3% increase from the previous day. However, meme currencies like Shiba Inu fell by 1.86% to $0.000008622 per token.
BlackRock (NYSE:BLK)’s pending Ethereum ETF application has had a positive influence on market sentiment toward Ethereum, despite the current price correction phase that experts suggest could lead to new highs or further declines.
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