LayerZero (ZRO) price recovers by over 20% as crypto markets show recovery signs

On July 6, data from CoinMarketCap showed that LayerZero’s token, ZRO, recovered by approximately 24% over the past 24 hours. ZRO was one of the few tokens with positive price growth as the crypto market indicated signs of recovery. Many crypto investors showed increased interest in the token due to the rebound, believing ZRO will do well in the long term.

Also read: LayerZero V2 integrates Flare, connecting to over 70 blockchains

More data from CoinMarketCap showed that the overall crypto market is regaining, with the global crypto market cap increasing by approximately 2.5%. Currently, the market cap stands at $2.09 trillion. 

ZRO’s price at the time of writing stands at $4.22, with a market cap of over $464 million. Today’s price is 69% higher than  ZRO’s all-time low recorded on June 27, 2024. The coin’s 24-hour trading volume is up by over 78%, recording a little over $781 million. 

Today’s performance of LayerZero’s native token translates to more than a 54% increase in price in the past week. While the gains are impressive, ZRO’s price is below its all-time high of $4.80 by around 12%.

Many crypto traders on X still believe the market sentiment is better than it was after LayerZero’s controversial airdrop. 

LayerZero’s platform expands its network

LayerZero partnered with Flare, a Layer 1 data blockchain, linking it to over 75 blockchains. The partnership also made Flare accessible to thousands of dApps utilizing LayerZero’s cross-chain messaging. Other blockchains can now utilize Flare’s decentralized data.

Bellick Cruz, a web3 enthusiast, mentioned LayerZero as the future of omnichain. Another believer in the works LayerZero contributes to SpiderCrypto, who called the blockchain the “best infra company for those who believe in a multichain future.”

Concerning ZRO’s price, SpiderCrypto mentioned on X on July 3 that the coin was a hero during the crypto bear markets. He also pointed out that ZRO’s goal was $10. Other users on X had the same sentiment, with many believing in its rebound ability.

Other major coins follow suit

Besides ZRO, Bitcoin’s price recovered on July 6, hitting over $57,000, up 2.35% in the past 24 hours. The king coin’s dominance has still dropped as altcoins seem to increase dominance in the market. The current BTC dominance is 53.7%, down by approximately 0.6% in the past 24 hours. 

Also read: Helldivers 2 Surpasses God of War as Most Played PlayStation Game on Steam

Several memecoins recorded a price spike today, including DOGE, SHIB, and WIF. SHIB recorded an 11.52% price increase in the past 24 hours to $0.00001556. DOGE’s price increased by 7.17% to $0.1077, while WIF’s increased by 9.63% to $1.99. 

Other altcoins, including ETH, XRP, SOL, and BNB, joined the crypto market bounce-back. ETH price is up 1.93%, while XRP, SOL, TON, and BNB are up 3.93%, 5.04%, 4.39%, and 4.87%, respectively. However, the Fear and Greed Index is above 37, showing increased investor fear compared to the past few months.

Cryptopolitan reporting by Collins J. Okoth