Robert Zach, Daniel Shvartsman

Investing.com – plunged in early morning Saturday trading, taking the torch from a risk-off week in the markets at large, though it recovered later in the day. At 2:25pm ET, the leading cryptocurrency was trading just over $49,200, down over 8% in the last 24 hours, but recovering from the biggest drop in crypto since September 7th.

The broader crypto complex has seen similar plunges and then paring of losses, including, , , XRP plunge double digit percentages. and The volatile trading also involved two of the top meme tokens, namely.

This follows on Friday’s , where the S&P sold off .8% and the Nasdaq sold off nearly 2%, driven a miss on the jobs report as well as Docusign’s and the implications for the software sector. The week was marked by fears over the Omicron variant of Covid 19 – though the variant’s severity remains unclear, and it may be ultimately a – as well as Fed chair Jerome Powell’s ‘retirement’ of the term , signaling that tapering plans and perhaps rate hikes will be coming in the near future, leading the market to a risk-off environment.

Bitcoin fell a little more than 5% in the last week of market trading, although the trend accelerated during Friday-Saturday overnight trades. According to the Investing.com index, bitcoin dropped from $52,000 down to a low point of $42587.8 at midnight Eastern Time before recovering to its current level.

Alt Coin and Ethereum Performance

Bitcoin continues to rise in value and with its crypto counterparts, bitcoin is currently up 61%. Bitcoin trades above September levels and still has volatility. This will depend on whether it is simply a pullback or whether the overall risk-off mindset signals an enduring selloff in crypto ecosystem.

Ethereum lost slightly, at 15%. However, it recovered to $4100 from the lows in the $3550 area. Ethereum remains up nearly 500% for the year amidst questions over whether it might Bitcoin in the future (Bitcoin’s market cap remains nearly double Ethereum’s market cap, however). In the meantime, alt coins have performed:

• Solana: 5.8% (after an earlier -18% mark)
• Cardano: -10.5% (from -18%)
• Ripple XRP – -13.8% (from 20%)
• : -12.5% (from -21.5%)
• : -11% (from -18.5%)
• : -5.9% (from -14%).

Based on data from Coinglass(formerly Bybt) Positions worth $2.4 Billion have been liquidated within the past 24 hour, with BTC being more than 42%. This is the The crypto market lost over $ 550 billion in market capitalizationAt 7:20 GMT, it was $1.88 trillion. Then, at $2.3 trillion USD at the time of this update, it recovered to that amount.

Bitcoin’s and Ethereum’s Levels

BTC’s fell to a low of $42,587, its lowest level since September 30. Bitcoin’s market cap fell to $896.13B or 40.92% from its total cryptocurrency market value. Bitcoin’s market cap fell 13.5% over the past week and was down 31.2% from its November 10 high of $68,990.63

Ethereum fell 19.5% from 52-week highs but was still vulnerable to technical support levels of around $3750, and further lower at $3300/3500.

It remains to be seen how traders will react to this sharp crash and whether there’s any knock-on effects to broader markets.

This article was originally published on April 25, 2006 at 6:25 AM ET, and it was updated at 22:30 PM ET.