Onyxcoin (XCN) Drops 20% with the Launch of the Onyx Goliath Layer Protocol
The price of the Onyxcoin XCN token has dropped by 20% today as the broader cryptocurrency market lost 10% of its market value. Onyxcoin launched its first-layer Blockchain network, Onyx Goliath, earlier today. Onyxcoin has made a strong comeback this year after being dormant over the past few years, with its XCN token experiencing a significant price increase of 1500% in January of this year. However, since then, the price of XCN has decreased, with some short-term gains in between. Today, the price of XCN dropped by about 20% while the project launched the Onyx Layer1 Goliath blockchain.
The price of Onyxcoin's XCN is trading at $0.0153 with a 22% decline over the past 24 hours. Its market cap has fallen to $500 million, and the 24-hour trading volume has decreased by more than 55%. From its peak at $0.035 in January, it has now dropped to a low of $0.015.
The broader cryptocurrency market has also lost about 10% of its market value today. Cryptocurrency market liquidations reached $1.09 billion after a significant price surge yesterday. The news announcement from Donald Trump regarding cryptocurrency reserves, which led to a market rise yesterday, faded in less than 24 hours.