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Zilliqa, NEAR Protocol Suffer Double-Digit Losses as Crypto Market Dips

As the broader cryptocurrency market bleeds red, several Layer-1 coins, like Zilliqa and Near, are facing significant losses.

2 min read
Cryptocurrencies are one of the most volatile markets in finance. Image: Shutterstock

The price of Zilliqa (ZIL), the token underpinning the eponymous blockchain aiming to rival traditional centralized payment methods such as Visa and MasterCard, is down 14% on Monday, declining to its monthly low of $0.097 by press time, according to data from CoinMarketCap.

ZIL was trading at as much as $0.22 at the beginning of April, with the token rallying on the back of the launch of Metapolis, a Zilliqa-powered metaverse project. This price now appears overbought and has effectively wiped out all of its recent gains since then as it more than halved to $0.10.

Last week, joining the Blockchain Gaming Alliance (BGA) boosted the token price to almost $0.14, but the effect was short-lived. With a market cap of about $1.2 billion, ZIL has now slipped to the 70th spot as the most valuable cryptocurrency.

The Near token, which powers the NEAR protocol, is likewise trading at an almost one-month low, dropping more than 10% of its value in the past 24 hours.

At the time of writing, Near was trading at $13.70 per CoinMarketCap. This is quite a significant drop from the $19.64 mark recorded a little more than two weeks ago following a massive $350 million fundraise backed by some notable VC investors, including Tiger Global, Republic Capital, and FTX Ventures.

NEAR's previous raises included a $21.6 million round in May 2020 and another $150 million in January 2022.

Around the crypto market

Elsewhere, the price of Harmony (ONE) is down 10.4% in the past 24 hours, Cosmos (ATOM) slipped 9.3%, and Polkadot (DOT) is down 9.2% over the same period.

The rest of the crypto market is mainly in red on Monday.

Bitcoin (BTC) is down 3.15% over the day as it slipped below the $38,356 mark last seen in mid-March; Ethereum (ETH), the world’s second-largest cryptocurrency, is down nearly 5% and is currently at a six-week low of $2,800.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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