LayerZero (ZRO) Token Plummets 14%, Becoming the Biggest Loser in the Crypto Market Today

Interoperability giant LayerZero has experienced a significant drop in the value of its native token, ZRO, which plummeted by 14%, making it the top loser in the crypto market today.

Interoperability crypto project LayerZero saw its native token, ZRO, emerge as the top loser in the crypto market on Monday, March 20, with the token experiencing a double-digit percentage price drop.

The price of ZRO fell by 14% in the last 24 hours, making it the worst-performing token among the top 100 cryptocurrencies by market capitalization. At the time of writing, ZRO is trading at $2.68.

According to data from CoinMarketCap, ZRO started the day at a price of around $2.9. However, the token's price began to decline rapidly in the morning, falling below the $2.8 and $2.7 price levels before continuing its downward trend.

The token's price dropped to a low of $2.64 in the afternoon, marking a 14% decrease from the previous day's opening price. Following this, ZRO's price partially recovered, rising to its current trading price of $2.68.

The interoperability token saw a massive surge in the past week, rallying by over 100% and reaching a high of $3.2 on March 16. However, the token's price began to decline sharply over the weekend, falling below the $3, $2.9, and $2.8 price levels.

The sell-off in ZRO comes as the broader crypto market also saw a sell-off on Monday. The total market cap of all cryptocurrencies fell by 3.5% in the last 24 hours, dropping below the $2.3 trillion mark.

Bitcoin dropped below a critical support level of $63,000 and was down by 2.4%, while Ether fell by 3.2%. Among the top 100 cryptocurrencies, only two tokens managed to post gains, with GRT and OP rising by 0.4% and 0.2%, respectively.

Most tokens in the top 100 saw double-digit percentage losses, with ENS, WIF, JASMY, and FLOKI leading the decliners with losses of 10%, 13%, 10%, and 10.7%, respectively.

The Fear and Greed Index shifted to the neutral zone on Monday, moving up by one point from the previous day and reaching a value of 51. The index had entered the extreme fear zone on March 13 following a sharp sell-off in the crypto market.