Layer 1 Tokens Are Among The Hardest Hit In Today’s Crash

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 the coin 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.

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.