If you invest in cryptocurrency then Friday was no less than a shock for you. Amidst the prolonged ups and downs, there was a sudden huge selloff in the crypto market, which further increased the concern of investors. Within just 24 hours, about Rs 15.62 lakh crore was wiped out from the global crypto market. Even big coins like Bitcoin and Ethereum could not save themselves from this fall and fell by more than 6 percent.
Crypto market fell by more than 5% in 24 hours
By around 10:30 am on Friday, the crypto market cap fell 5.42 percent to $2.82 trillion. This decline was not limited to just a few selected tokens, but almost all major cryptocurrencies were hit by it. This decline in the market which is under constant pressure has further weakened the sentiment of investors.
Heavy selling in Bitcoin-Ethereum
Market leader Bitcoin was seen trading at $82,835, down nearly 6 percent. Bitcoin has fallen by more than 7 percent in the last one week alone, raising questions about its short-term trend. On the other hand, Ethereum also fell by more than 6 percent to around $2,740. Apart from this, big altcoins like Binance Coin, Ripple and Solana also recorded a decline of more than 6 percent within 24 hours.
Canton became an exception in the falling market
While most cryptos remained in the red, Canton crypto coin gave relief to investors. Despite the huge fall, this coin saw a rise of about 6 percent and was seen trading at $0.1722. In the last one week, Canton has gained more than 20 percent, while in one month it has given returns of about 16 percent.
Increased fear among investors
The atmosphere of fear among investors is deepening due to no signs of any concrete improvement in the crypto market for a long time. According to CoinMarketCap, the Crypto Fear and Greed Index fell to 28 on Friday from 38 on Thursday. This clearly indicates that investors are now avoiding new investments and are paying more attention to withdrawing the money already invested.
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