New Delhi: The cryptocurrency market witnessed significant volatility on Friday, as a sharp crash shook global investors. Over the past 24 hours, the crypto market capitalization fell by more than 5%, resulting in massive losses for investors. Bitcoin, Ethereum, and several other major cryptocurrencies dropped over 6%, wiping out approximately ₹16 lakh crore (₹16,000,000,000,000) from investors’ portfolios.
At around 10:30 AM, the total crypto market capitalization stood at $2.82 trillion, reflecting a 5.42% decline. The impact was visible across major cryptocurrencies:
- Bitcoin fell nearly 6%, trading at $82,835, marking a decline of over 7% in the past week.
- Ethereum slipped over 6% in 24 hours, trading around $2,740.
- Other major coins like Binance Coin, Ripple, and Solana also recorded losses exceeding 6%.
Canton Coin Defies Market Trend
Amid the widespread downturn, Canton Coin bucked the trend and recorded a 6% gain over the past 24 hours, trading at $0.1722. Over the past week, it surged over 20%, with a one-month return of around 16%.
Fear and Greed Index Signals Investor Caution
The prolonged market slump has triggered a cautious sentiment among investors. According to CoinMarketCap, the Fear & Greed Index dropped from 38 on Thursday to 28 on Friday, indicating growing apprehension. Many existing investors have reduced fresh investments and are prioritizing withdrawals, reflecting widespread market uncertainty.
Disclaimer: Cryptocurrency trading is a 24/7 activity, and prices can fluctuate rapidly. Sudden price movements can lead to substantial gains or losses in minutes. Investors are advised to seek expert guidance before making investment decisions.