Cryptocurrency traders faced a tumultuous Friday night, as the entire crypto market plunged into the red, signaling a widespread decline in the value of major crypto assets. This market downturn echoed a similar trend observed the previous Friday, resulting in a staggering loss of $80 billion from the collective market capitalization of all cryptocurrencies.
The massive drop in prices affected Bitcoin and altcoins, sparing no crypto asset in the market and causing massive losses to short-term holders.
Bitcoin last Friday was at the $69,000 price level before dropping by over $2,000 to $67,000. There wasn’t much activity over the weekend in terms of price action so Bitcoin maintained its level at $67,000.
As Monday rolled in Bitcoin gained from its recent position briefly exceeding $70,000 and crossing the $70,000 mark on Tuesday. Bitcoin remained above $70,000 throughout the week and even reached a 2-week high of $72,000 on Friday.
But as Friday evening drew near the Friday down cycle repeated itself and Bitcoin witnessed a massive drop in price driving it down all the way to $68,500. The crypto asset recovered some ground and is currently at $69,000 but the price drop is still a massive 2.7%.
Altcoins which are other crypto assets that are not Bitcoin experienced a worse state during the Friday meltdown in the crypto market.
Ethereum the largest altcoin dropped by 3.5% sitting below $3,700, Binance Coin dropped from its all-time high of $710 to under $690 and Solana dropped by over 6%.
Other smaller altcoins recorded price drops including Dogecoin, Avalanche Chainlink. Polkadot, NEAR, UNI, and MATIC. They all recorded price drops of over 5% on Friday night during the meltdown.
Some altcoins like WIF, ARB, and FET recorded massive price drops that run into double digits. Only FIL altcoin recorded a gain during the meltdown.
The Friday meltdown in crypto markets driving down crypto prices is fast becoming a trend worth noting.
