Bitcoin has gone below the critical $40,000 level and Ethereum continues to plummet below $3,000. Some altcoins have experienced more losses than the crypto market giants. The project’s native token, SCRT, slumped 17.8 percent to become the crypto market’s worst loser of the day. In less than 48 hours after Secret Network, a privacy-focused Layer 1 blockchain project built atop the Cosmos blockchain, hailed its $400 million ecosystem fundraising.
SCRT hit a 10-week high of $9.81 on Wednesday after several renowned investment companies, including DeFiance Capital, Alameda Research, CoinFund, and HashKey, became stakeholders in the Secret ecosystem. LRC holders, the native currency of the Layer 2-based crypto exchange Loopring, have nothing to rejoice about, as it has dropped 14.8 percent in the last 24 hours to levels last seen in early November 2021.
Several other DeFi tokens have taken a knock as well, with Aave and Chainlink falling by 11.9 percent and 11.9 percent, respectively. Aave fell to a monthly low of $185 before rebounding to $189.55, while LINK, the market’s 21st-largest asset, is trading at $19.63, a level last seen at the start of the year.
Ethereum is currently trading at around $2,883, down 8.5 percent on the day, according to CoinGecko.The last time the industry’s second-largest cryptocurrency traded at these levels was in early October of last year.
