The crypto market took a hit Friday morning Eastern Time, with all major digital assets except for Dogecoin (DOGE) down significantly. Ethereum (ETF), 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.
Solana Rally Cools as Bitcoin and Ethereum Hold Steady and These Alts Surge
After a stunning climb last week, Solana (SOL) has cooled its rally and is now down over the past 24 hours. Solana, the seventh biggest cryptocurrency by market cap, is down nearly 5% in the past day, trading hands for $55.39, CoinGecko data shows. Last week, the Ethereum-competitor had experienced a surge in price unlike any other coin or token over a month period. Its price notably soared past $50 for the first time since May 2022. The boom was likely down to a short squeeze caused by short se...
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.
Edited by Stacy Elliott.
