Ethereum plunged 10.49% on Friday, marking its sharpest one-day loss since April 6, as it fell to $2,484.82 by 21:10 (01:10 GMT).
The sharp decline dragged Ethereum’s market capitalization down to $305.75 billion, representing 9.44% of the total cryptocurrency market. This is a significant drop from its peak market cap of $569.58 billion.
In the past 24 hours, Ethereum traded within a narrow range between $2,484.82 and $2,639.50. Despite Friday’s downturn, the cryptocurrency had posted a weekly gain of 4.35%. Trading volume over the same 24-hour period reached $30.80 billion, accounting for 21.40% of all crypto trading activity. Over the last seven days, Ethereum has fluctuated between $2,457.03 and $2,877.92.
Even with recent gains, Ethereum remains 48.91% below its all-time high of $4,864.06, set on November 10, 2021.
Broader Market Snapshot
In broader crypto trading, Bitcoin also experienced a decline, falling 5.24% to $102,831.70. Its market cap currently stands at $2.07 trillion, comprising 63.77% of the total crypto market.
Meanwhile, Tether USDt saw a modest increase of 0.06%, trading at $1.0005. Its market capitalization reached $155.24 billion, or 4.79% of the total market value.
The crypto market continues to exhibit high volatility, with major coins reacting sharply to shifting investor sentiment and macroeconomic conditions.
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