Friday, December 2, 2022

NEAR And ZIL Suffer Double-Digit Losses As The Market Dips

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NEAR and ZIL suffer double-digit losses as the crypto market dips and a few other layer-1 coins are facing bigger losses so let’s read more today in our latest altcoin news today.

As the broader crypto market drowns in red, a few other coins like NEAR and ZIL are facing major losses. The price of ZIL the token underpinning the blockchain aims to rival traditional centralized payment methods like Visa DNA Mastercard whcih is also down 14% on Monday and dropped to the monthly low of $0.097 according to the data from CoinMarketCap. ZIL was trading by as much as $0.22 at the start of April and with the token rallying on the back of the launch of Metapolis a ZIL-powered metaverse project and the price, now seems to be in overbought and has wiped out of the recent price gains since then as it more halved to $0.10.

Joining the Blockchain Gaming Alliance boosted the token price to almost $0.14 and the effect was short-lived with a market cap of $1.2 billion, ZIL slipped to the 70th spot as the most valuable crypto. The NEAR token powers the NEAR protocol is trading at an almost one-month low dropping by 10% of the value in the past day. At the time of writing, NEAR was trading at $13.70 per CoinMarketCap and this is quite a huge drop from the $19.64 mark which was recorded a little more than over two weeks ago after a massive $350 million fundraising backed by notable VC investors including Republic Capital, FTX Ventures and Tiger Global.

NEAR’s previous raise included a $21.6 million round in 2020 and another $150 million in January 2022. the price of ONE is down by 10.4% in the past day and Cosmos dropped by 9.3% and DOT is down by 9.2% over the same timeframe. The rest of the market is in red. BTC is down by 3.15% over the past day and slipped below the $38,356 which was last seen in mid-March and ETH as the world’s second-biggest crypto is down by 5% and is now at a six-week low of $2,800.

near price
NEAR 24-hour Price Chart (Source: coingecko)

As recently reported, NEAR lending project and stablecoin protocol Bastion closed a $9 million Series A led by Three Arrows Capital while FTX Ventures and Jump Crypto took part in the round. Bastion’s founder goes under the N2 pseudonym and said the five-person team will use the funds to hire more developers.

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