Layer 1 Tokens Plummet as Crypto Market Dips



Share this article

Several Layer 1 tokens have seen significant losses today as Bitcoin ( $45,541.00 ) retraces. 

Layer 1s Experience Pullback 

After a month of meteoric gains and new all-time highs, Layer 1 tokens appear to be correcting.

Some of the biggest Layer 1 blockchains have plummeted over the past 24 hours as the wider crypto market continues to trend lower.

Chart showing SOL (blue), FTM (orange), AVAX (cyan), and LUNA (yellow). Source: TradingView

One of the biggest gainers over the past month, Fantom, has also seen the most violent pullback. The token registered a new all-time high of $1.92 last week but has since retraced over 33% to $1.25. While the FTM token has recovered slightly, it is still down more than 16% in the last 24 hours.

Solana has also been hit hard. Like Fantom, peak euphoria drove up the SOL token’s price to an all-time high of $213.47 last week, but it’s since experienced a sharp pullback. Solana is currently down 12% today, trading at $153.77.

Avalanche (AVAX) and Terra (LUNA) have fared better due to bullish news driving up prices over the weekend but have still registered double-digit losses. Both tokens are down over 13% respectively but are trading higher than last week when Fantom and Solana made new all-time highs.

With no major bearish news for Layer 1s, over-exuberance in the market and Bitcoin ( $45,541.00 ) trending lower are likely to explain the drop. It is a well-established phenomenon that when Bitcoin ( $45,541.00 ) falls, other tokens are hit harder, and today seems like no exception (Ethereum, the second-largest cryptocurrency by market cap that often follows Bitcoin ( $45,541.00 ) in price action, has also dipped today). The world’s largest cryptocurrency is down 3.25% over the last 24 hours, trading at around $44,600 at the time of writing.

Disclaimer: At the time of writing this feature, the author owned BTC, ETH, and several other cryptocurrencies. 

This news was brought to you by Phemex, our preferred Derivatives Partner.

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Solana, Fantom Recover From Dip to New All-Time Highs

Solana and Fantom have quickly recovered from the market’s recent flash crash. Both assets now sit at crucial support levels that could propel them into higher highs.   Layer 1 Coins…

Fantom Rallies 71% as DeFi Ecosystem Expands

Fantom has been on a run for the last 24 hours thanks to rapid growth within its DeFi ecosystem. FTM Goes Parabolic Fantom is soaring. The Layer 1 blockchain’s FTM…

How to Trade Using the Inverse Head and Shoulders Pattern

In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…

Why is Avalanche Soaring?

As competition between Layer One protocols keeps heating up, one project in particular, Avalanche, is making big strides to secure its place at the top of the leaderboard.  DeFi Blue…



Source

Recommended For You

About the Author: crypto8

Leave a Reply

Your email address will not be published. Required fields are marked *