Crypto Market Takes a Dive: Ethereum Tumbles Below $3,300

On Friday, Bitcoin (BTC) retreated slightly while remaining above $66,000, and Ethereum (ETH) fell below $3,300. Pendle (PENDLE) led the gainers, while Ethena (ENA) suffered the most losses. The positive job gains reported in the US contributed to a decline of 2% in the global crypto market cap.

Cryptocurrency Market Dips, Ethereum Falls Below $3,300

On Friday, the cryptocurrency market experienced a downturn, with Bitcoin and Ethereum both registering losses. Bitcoin (BTC) declined by 0.6% to trade at $66,270, while Ethereum (ETH) dropped by 3.4% to $3,235.

The overall market capitalization of the global cryptocurrency sector fell by 2% within a 24-hour period, reaching $2.47 trillion. Despite the market correction, the value of most cryptocurrencies remained above their key support levels.

Key Performers

Among the top gainers over the past 24 hours was Pendle (PENDLE), which surged by 8.7% to $5.67. Bitcoin Cash (BCH) also performed well, climbing 3.3% to $668.07. Other notable gainers included Toncoin (TON), eCash (XEC), and Ethereum Classic (ETC).

Worst Performers

Conversely, Ethena (ENA) emerged as the biggest loser, plummeting by 20.6% to $0.8854. Wormhole (W) and Jupiter (JUP) also suffered significant losses, dropping by 18.3% and 17.5%, respectively. dogwifhat (WIF) and Axelar (AXL) completed the bottom five, with losses exceeding 12%.

U.S. Job Market Surprises

In other financial news, the U.S. Bureau of Labor Statistics reported that nonfarm payrolls in March increased by 303,000, surpassing expectations of 212,000 and marking an improvement over February's 270,000 gain. This positive indication in the labor market suggests continued economic recovery.

Disclaimer

Investors are advised to exercise caution when trading cryptocurrencies, as the market remains highly volatile and can fluctuate significantly. It is crucial to conduct thorough research and consult with financial advisors before making any investment decisions.

The information provided in this article should not be construed as investment advice. Benzinga does not provide investment advice.