"The cryptocurrency market experienced mixed performances today, with some assets showing gains while others faced a significant sell-off. Dogecoin, famously associated with the Shiba Inu logo, continued to perform well and remains one of the top digital currencies according to CoinGecko data.
However, Ethereum (ETH) saw a decline in value, losing its $2,000 per coin level achieved last week. At the time of writing, ETH had dropped by over 4% and was trading at $1,941. Bitcoin, the largest cryptocurrency by market capitalization, also experienced a minor setback, declining by 2% in the past 24 hours but still trading above $36,000.
Bitcoin's dominance in the market slid slightly to 51%, which influenced overall market sentiment. Notably, stablecoins dominated the trading volume, accounting for 89% of the total crypto market's trading volume in the past 24 hours.
Other cryptocurrencies also faced losses, with SOL down over 9% and trading at $56.82 per coin. XRP lost over 5% in the past day and was valued at $0.59 on Friday morning. Avalanche (AVAX), which recently surged due to news of J.P. Morgan utilizing its blockchain for tokenizing portfolios, experienced a significant drop of over 10% and was trading at $20.97.
The cryptocurrency market continues to be dynamic and subject to volatility. Investors and enthusiasts should closely monitor these developments and stay informed about the latest trends."
