Ether, which has been similarly range-bound, was recently trading at $1,835, a 0.2% decline from Thursday, same time. Ripple’s XRP token and ADA, the native crypto of smart contracts platform Cardano, cut earlier losses but were still down about 2% in a market that retained a more than day-long reddish tint. The CoinDesk Market Index, a measure of cryptos’ performance, was recently down 0.35%.
Ether has been similarly inert and was recently trading at $1,862, down 0.4% over the past 24 hours. Other major cryptos were largely in negative territory, albeit not by much with SOL and MATIC, the tokens of smart contract platforms Solana and Polygon, off 0.8% and 0.7%, respectively. Stellar Lumina’s XLM token continued its recent upswing, rising 2.9% from Thursday, same time.
Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at $29,809, down slightly over the past 24 hours. At one point during the day, BTC dipped perilously near a one-month low set earlier this week near $29,500. More than five weeks after spiking following multiple spot bitcoin ETF filings, bitcoin has been unable to escape the $30,000 to $31,000 range – at least for long.
The largest cryptocurrency by market capitalization was recently trading at $31,328, up 3.2% over the past 24 hours. Bitcoin shot as high as $31,700 near the close of traditional markets, a more than one-year high. With a few blips, BTC had been languishing between $30,000 and $31,000 for the past three weeks as some investors fretted over potential banking missteps to cure inflation and awaited a significant price catalyst.
ETH, the second largest crypto in market value, was recently changing hands at $1,853, a 3.1% drop from Wednesday, same time. Most other major cryptos plunged deeply into the red before regaining some ground. Litecoin and popular memecoin SHIB were still off more than 6% and 3%, respectively. SOL, the token of the Solana blockchain soared over 11% at one point and was still up more than 4%. The CoinDesk Market Index, a measure of crypto markets overall performance, was recently down 1.7%.
Just as equity markets were closing a lackluster day, digital assets plunged. Ether, the second largest crypto by market cap, fell to $1,630 before regaining ground to hover near $1,654, off 5.1% from Tuesday, same time.
In a Telegram message to CoinDesk, Strahinja Savic, head of data & analytics at crypto-focused, institutional capital markets and advisory platform FRNT Financial, noted that stocks and cryptos had fallen together instead of diverging as they have over the past couple of months. “Today crypto dips with risk assets, tomorrow it may not,” Savic wrote. “What we can say is that the technical range has been clearly set between a downside range of $25K to $26K, and a breakout would occur decisively above $31K. Most other activities are likely noise.”
“Financial markets in general (are) driven by risk, by liquidity, and so, not surprising right now, when people are fearing risk assets as a whole, we’re seeing large swaths of selling,” Ryan Rasmussen, an analyst for crypto fund manager Bitwise, told CoinDesk TV’s “First Mover” program on Friday.
Ether was recently changing hands at $1,659, up about 1.1%. Other major cryptos were flat, albeit tinted slightly red with AVAX, the token of base-layer network Avalanche Network, and MATIC, the token of layer 2 platform Polygon, dropping about 3% and 2.5%, respectively. OPT, the native crypto of layer 2 scaling tool Optimism, was up more than 6% hours after crypto exchange Coinbase said it was building its layer 2 blockchain using the OP Stack in collaboration with the protocol.