The global crypto market cap was $2.34 trillion, indicating a 2.2 percent dip since yesterday, as stated by CoinGecko. Crypto prices dropped this Friday as Bitcoin plummeted by 2.4 percent in the last 24 hours, trading at around $47,807.03.
Other major cryptocurrencies such as Ethereum also declined by 2 percent, traded at around $3,976.49 in the first half of Friday. The trend continued yesterday for Dogecoin that dipped at 3.7 percent in the last 24 hours, traded at $0.174720. Shiba Inu experienced a much extreme dip at 3.5 percent, traded at $0.00003295.
The total crypto trading volume was at $109 billion on Thursday, with BTC dominating at around 38.7 percent and ETH at 20.2 percent, as per CoinGecko.
Moreover, the other cryptocurrencies and their performances also witnessed a drop, with Polkadot, Litecoin, Polygon, Cardano, and Chainlink trading at lower gains since Thursday.
In the meantime, even though the crypto market experienced a pullback since last month, it witnessed many commercials driven by celebrities for different trading platforms.
Different signs and signals are growing that cryptocurrency could be heading for an evident selloff. On Wednesday, the Fed’s hawkish pivot may accelerate the selloff process. One effective sign is that the trading volumes for NFTs and cryptocurrencies are reducing after the surges. Coinbase Global Inc. and Block Inc., in their latest reports, stated that crypto trading revenues were substantially below the expectations as crypto transactions on their exchanges slowed down.
Moreover, the cumulative value of the NFTs traded also witnessed a substantial fall since the August highs. Nevertheless, Melania Trump, the former first last of the US, on Thursday launched her NFT platform, thereby becoming one of the latest public figures to join this cryptocurrency boom.