Crypto markets make a U

• Bitcoin (BTC) and Ethereum (ETH) have registered over 4.50% losses in the last 24 hours
• Many altcoins have charted red candles too as traders got caught in a bull trap

The majority of top crypto assets are trading in the red on Friday morning.

The correction has wiped away a fraction of the gains that crypto assets have gobbled since late Monday. Market data from CoinGecko shows that Bitcoin has shed approximately 4.50% in the last 24 hours. The premier altcoin Ethereum has posted an even bigger descent at 6.25% at the time of writing.

Other alts are down as well

Solana has suffered the biggest blow among the major crypto tokens. It has plunged by 7.95% in the same period, with its price falling from a weekly high of $105.98 on Wednesday to $92.01 as of writing.

Avalanche (AVAX) and Polkadot (DOT) have seen losses close to Solana – down 6.60% and 5.7% from their mark yesterday. The latter has lost support above $17.50 and is currently changing hands at $17.28. The AVAX/USD pair, on the other hand, has retraced from $79.75 earlier today to $77.55 at present.

Meme coins are trading lower too

Cardano’s ADA has also failed to maintain its upside momentum and is down 5.25% in the last 24 hours. Meme coins Shiba Inu and Dogecoin have been caught by the correction wave as well. SHIB has fallen by 3%, while DOGE has posted a relatively higher loss, down 3.6% in the last 24 hours.

The recession on Friday is likely a result of buyers getting swept off in a bull trap. Earlier this week, renowned crypto analyst Crypto Capo cautioned that the market-wide rally that started late on Monday could potentially be a bull trap.