Saturday, February 24

Beyond Bitcoin: Tier 1 and DeFi Tokens Drop More Than 15% | Bitcoin Portal

While bitcoin (BTC) has fallen below $40,000 and ether (ETH) continues to fall below $3,000, several altcoins have suffered even worse losses than the cryptocurrency market leaders.

Less than 48 hours after Secret Network, a privacy-focused, first-tier blockchain project built on the Cosmos blockchain, celebrated the ecosystem’s $400 million funding, SCRT, the project’s native token, fell. 19,6%, becoming the biggest loser in the crypto market in the last day.

The SCRT price had hit a 10-day high of $9.81 on Wednesday after several major investment firms including DeFiance Capital, Alameda Research, CoinFund and HashKey enter into to the Secret ecosystem as shareholders.

According to data from the website Coingecko, earlier this Friday (21), SCRT dropped to an intraday low of US$ 6,87, returning to levels recorded a week ago.

Still, SCRT is up 12.7% in the last two weeks and about 53.4% ​​in the last month.

Holders of LRC, the native token of second-tier crypto exchange Loopring, also have little to celebrate as the token has dropped. 19,3% in the last 24 hours, close to levels recorded in early November 2021.

LRC has lost over 59.8% of its value in the last month and is currently trading at $0.95.

The price of NEAR, the native token of the Near Protocol, has also lost its strength recently, plummeting 17.6% in the last day and trading at US$ 14,02.

Several other Decentralized Finance (or DeFi) tokens were also hit, such as AAVE and LINK, which fell. 15,2% e 15,8%, respectively.

The latest price action saw the AAVE token drop sharply to a monthly low of $185 before rebounding to $189.55. LINK, the 21st largest crypto asset on the market, is trading at $19, a level previously recorded in early 2021.

Meanwhile, bitcoin is down 7.4% over the same period and 20% since the start of the year, priced at US$ 38,4 mil at this time.

Ether is already being traded at US$ 2,7 mil, falling 12.7% in the last 24 hours. The last time the second largest cryptocurrency in the industry was trading at this level was in early October 2021.

*Translated and edited by Daniela Pereira do Nascimento with permission from the Decrypt.co.



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