While Ethereum was also seen in red and was slightly lower, it stayed below the $1,800 level. Bitcoin had some profit booking as it dropped more than 1% but was still able to hold around 34,000 levels.
Bitcoin and other crypto took a breather on Friday ahead of the non-event weekend. However, the pause in the digital asset market was on the cards after a sizable rally in the last few days. However, analysts see the buying interest to remain in the digital asset market in the next few days.
Bitcoin saw some profit booking as the largest crypto token declined over a per cent but somehow managed to hold about 34,000-levels. However, its largest peer, Ethereum, was also seen in red, marginally lower, and remained below $1,800-level. Majority of the altcoins were trading with cuts.
The cryptocurrency market appears to be cooling off after a seven-day rise. With a score of 70/100, the cryptocurrency fear and greed index is likewise firmly into the greed zone, indicating bullish feelings among investors in the space. Following the surge, the larger cryptocurrency market appears to be cooling off in lockstep with its reaction.
In other developments, UDPN, a system that allows blockchain, stablecoins, and CBDCs to interact like SWIFT in traditional banking, is being tested by Deutsche Bank and Standard Chartered’s SC Ventures. UDPN integrates digital identification standards, creates a bridge between blockchains, and enables regulated transactions.
With a few notable exceptions, Friday’s trading saw a decline in most popular cryptocurrency tokens. Over 3% fell in Polkadot, while 2% fell in each of Polygon, Chainlink, and Toncoin. Dogecoin had a slight increase, but Solana and BNB added around 1% each among the gainers.
The market capitalization of all cryptocurrencies worldwide was trading much lower, dropping to $1.26 trillion after sliding more than 1% on the previous day. Still, overall trade volumes fell to $46.88 billion, or around 7% less than before.