Abortion is not being suggested because we are horrible people. It is suggested because it is the ONLY decision that you can make regarding this pregnancy without involving the father. Even if you give the child up for adoption, he will need to consent to that and be involved for the short period of time up to the adoption taking place. And if you raise the child yourself, it will be difficult or impossible for dad to not be involved (not to mention a horrible thing to do to the child, intentionally excluding dad from the child's life just so he won't have to deal with the consequences of his cheating). The only way to protect you and dad from his wife's/your friend's wrath is to end the pregnancy and continue lying about what happened. It's a valid choice if the single mom life is not something you are willing or able to go into.
If you want to have the baby though, and keep/raise it, you really need to come clean with wife/friend. And you need to start thinking about the needs of this child before your own.