Layer1 tokens such as Near Protocol and Zilliqa witnessed significant downswings as the overall crypto market saw a bloodbath.

Zilliqa is an eponymous blockchain platform aiming to challenge traditional payments options such as MasterCard and Visa. The platform’s native token ZIL saw a 14% drop on Monday. That had it plummeting towards monthly lows near $0.097 at this publication (Coinmarketcap data).

ZIL traded at the $0.22 highs at the start of April, with the alt responding to the Metapolis launch. Metapolis is a Metaverse projected powered by Zilliqa. The price now seems overbought as it wiped out the latest gains since the highs.

Zilliqa boosted its value last week after joining the BGA (Blockchain Gaming Alliance), taking ZIL towards $0.14, but it could not keep its strength. With its $1.2 billion market cap, ZIL dropped to rank 70 in the crypto-list by value.

Near Protocol also hover at monthly lows, losing over 10% within the previous 24 hours. While publishing this content, NEAR traded around $13.70, according to Coinmarketcap. That means a significant fall from the $19.64 highs seen more than fourteen days ago after the $359M fundraising led by notable investors, including FTX Ventures, Republic Capital, and Tiger Global.

Near Protocol’s previous raises include the May 2020 $21.6M round and January 2022 $150M.

The Cryptocurrency Marketplace

Elsewhere, the cryptocurrency market suffered a bloodbath on Monday. Harmony lost 10.4% over the previous 24hrs, Cosmos down 9.3%, and Polkadot surrendered 9.2% of its value over the same timeframe.

The cryptocurrency market saw downward moves, losing vital price levels. Bitcoin dropped 3.15% within the last day to explore levels seen in mid-March, around $38,356. The 2nd-largest crypto, Ethereum, lost approximately 5%, currently trading at 6-week lows near $2,800.

The overall crypto spectrum reflects the downbeat mood seen over the previous 24 hours. While publishing this blog post, the global cryptocurrency market capitalization stood at $1.78 trillion, following a 3.82% loss within the past day.

Such development had bears dominating the market, meaning tokens could struggle before meaningful increases.

What are your thoughts about the latest crypto market fall? Feel free to share your opinions in the comment section below.