Layer 1 tokens are among the hardest hit in today’s market crash despite Bitcoin reaching its 6-month low. In today’s altcoin news, we can see more about the price analysis.
Bitcoin dropped below the key $40,000 price range and ETH still continues to sink under $3000 with a few other altcoins suffering the worst losses than the market leaders. Less than 48 hours after the Secret Netowrk Layer 1 blockchain project celebrated its $400 million ecosystem funding, the native token SCRT dropped by 17% and became the biggest loser of the day. The price of SCRT hit a 10-week high of $9.81 after a few investor firms like Alameda Research, DeFiance Capital, and CoinFund joined the Secret Network ecosystem as stakeholders. The data shows that this cryptocoin dropped to an intraday low of $6.81 and returned to levels not seen since a week ago.
SCRT is still up by 18.7% in the past two weeks and about 61.6% over the next month and started trading at $7.12 by press time. There’s also less to cheer about the LRC holders as the native token of the Layer 2 based exchange Loopring tanked 14% in the past day to levels not seen since November 2021. LRC lost more than 58% of the value in the last month and it is now changing hands at $1 according to CoinGecko.
The price of NEAR as the native token of the protocol also lost its momentum and crashed by 12.7% over the day to a current level of $14.58. a few other Layer 1 tokens are among the hardest hit too with LINK and AAVe dropping by 11.9%. The latest price action saw Aave nosedive a monthly low of $185 before a rebound to $189 while LINK trades at $19.63 with the level not being seen since the start of the year. In the meantime, Bitcoin is down by 7.4% over the same timespan and 20% since the start of the year while trading near $39,026 at writing. Ethereum is changing hands at $2,883 down by 8.5% while the last time the cryptocurrency was trading at these levels was at the start of October last year.
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The altcoins jumped in value recently but as with bitcoin, it turned out to be a fake breakout so now the entire market is in the red. Ethereum touched $3200 a day ago but an 8% slump drove the second biggest crypto to below $200. Binance Coin dropped by 8%, Solana by 9%, Cardano by 8%, Avalanche by 9%, MATIC by 7%, and ripple by 7% as well.
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