Thursday's plunge in the cryptocurrency market coincided with a tech stock crash triggered by a 26% plunge in Meta Platforms (FB), in part because cryptocurrencies rallied on a smart rally by Snap Inc. (SNAP), up 49%, and in pre-market trading Friday, Pinterest, Inc. (PINS) was up 15% and Amazon.com, Inc. (AMZN) rose 13%.

The total cryptocurrency market cap has recovered to $1.76 trillion, up more than 5% in the last 24 hours.

After gaining 2.94% in the last 24 hours, Bitcoin has risen to $38,079.21. Bitcoin has a 40.8% share of the cryptocurrency market. It ranks 9th among all assets, ahead of Meta Platforms (FB), which plunged $230 billion on Thursday after disappointing quarterly results and future guidance, according to companymarketcap.com.

Ether soared to $2,846.71, helped by an overnight rally of 742%. Ether's dominance in the cryptocurrency market has soared to 19.2%.

Meanwhile, Jump cryptocurrency, the cryptocurrency domain of trading firm Jump Trading, has begun rescuing the Wormhole portal, replacing tokens that were hacked in a major exploit on Wednesday.

Solana, which fell 11.75 percent after the hack, is now trading 11.59 percent higher at $106.30.

Cosmos (ATOM) was the top performer in the top 100 category, up nearly 13%.

At current market cap levels, Bitcoin (BTC), Ether (ETH), BNB (BNB), Cardano (ADA), Solana (SOL), XRP (XRP), Terra (LUNA), Polkadot (DOT), Dogecoin (DOGE) ), Avalanche (AVAX), Polygon (MATIC), TerraUSD (UST), Cosmos (ATOM), Litecoin (LTC) and NEAR Protocol (NEAR) are the top-ranked cryptocurrencies.

In the token category, Tether (USDT), USD Coin (USDC), Coin USD (BUSD), SHIBA INU (SHIB), Crypto.com coin (CRO), Wrapped Bitcoin (WBTC), Dai (DAI), Chainlink (LINK ), Uniswap (UNI), FTX tokens (FTT), Decentraland (MANA), Bitcoin BEP2 (BTCB), UNUS SED LEO (LEO), The SandBox (SAND) and Axie Infinity (AXS) sorted by market cap.

In terms of market cap dominance by category, smart contracts combined were 28.84%; DeFi was 7.25%; centralized exchanges added up to 5.12%; Web 3 totaled 3.09%; research revenue was 2.70%; NFT accounted for 2.26%; emojis accounted for 1.76%; scaling was 1.63%; metaverse accounted for 1.46%; decentralized exchanges with 1.42%; and the gaming market followed with 1.36% of market cap.

Interestingly, the market cap of the Meta Universe category rose 4.73% and that of the Web3 category rose 4.97%, a one-day record decline, amid a 26% plunge in Facebook shares. It remains to be seen if the declines mean investors are questioning the centralized Web2 model used by tech giants like Meta. Meta reported a loss of about $10 billion for Reality Labs, whose metaverse unit faces stiff competition from blockchain-based competitors such as Decentraland (MANA), which has grown 20% in the past week, and Sandbox (SAND), which has also grown 11% in the past seven days.

Taking a step forward in transparency and accountability, U.S.-based cryptocurrency exchange Kraken has passed Armanino LLP's semi-annual cryptocurrency proof of reserves audit, which will be conducted in accordance with the certification standards used by the American Institute of Certified Public Accountants. The proof of reserve audit is designed to allow customers to verify cryptocurrency balances and certify that their Bitcoin and Ether balances are safe and provable on the platform.

In regulatory news, Australia's consumer and competition (ACCC) regulator is reportedly investigating Facebook's parent company, Meta, for a long-running series of fraudulent cryptocurrency ads on the platform.

The market movements of the past few days have once again demonstrated the growing pattern of correlation between cryptocurrencies and tech stocks. But will cryptocurrencies lose their identity and appeal as a separate asset class and be merged into the larger tech space? Or will the narrative of new technology give cryptocurrencies a greater advantage than ever before? The race is now getting tight.

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