Layer 3 tokens see double-digit losses dragged by Bitcoin price drop

Layer 3 tokens – blockchains that leverage Layer 2’s speed and Layer 1’s security – suffered a decline on the daily timeframe.

Bitcoin price plunged to a low of $65,977 on Friday, triggering a correction in most altcoins. Layer 3 cryptocurrencies, Aavegotchi, Dream Machine Token, and Degen noted double-digit declines on Friday. Orbs and Xai prices wiped out their weekly gains on April 5. The double-digit correction in Layer 3 token prices is likely catalyzed by Bitcoin price drop below $66,000 on April 5.

Layer 3 tokens Aavegotchi , Dream Machine Token , Degen , Orbs , and Xai suffered losses between 5% and 28% in their prices. As seen on CoinGecko, Orbs and Xai prices are down 12% and 18% on the weekly timeframe, respectively. Layer 3 tokens The Layer 3 token narrative has gained popularity as the class of tokens that prioritize the user while deriving speed from a Layer 2 chain and security from a Layer 1 chain, like Ethereum.

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