Crypto Market Pulls Back, Layer 2 Sector Drops 7.02%

The cryptocurrency market experienced a broad pullback, with significant declines observed across various sectors. The Layer 2 sector led the decline, falling by 7.02%. Within this sector, Starknet (STRK) and Celestia (TIA) saw notable drops of 9.64% and 9.72% respectively over the past 24 hours. The GameFi sector also experienced a substantial decline, falling by 6.99%. Key players in this sector, such as Axie Infinity (AXS) and Decentraland (MANA), saw their values decrease by 9.05% and 10.65% respectively.

Ethereum (ETH), which had recently surpassed $2700, began to fall and dropped below $2600, marking a 3.52% decline in the past 24 hours. Bitcoin (BTC), on the other hand, experienced a more modest decrease of 0.68%, managing to hold around $103,000. The PayFi and CeFi sectors also saw declines, falling by 1.85% and 1.99% respectively. Despite the overall downturn, LEO Token (LEO) and Amp (AMP) bucked the trend with increases of 2.00% and 13.75% respectively.

The Layer 1 sector faced a decline of 4.53%, with TRON (TRX) being an exception, experiencing a slight increase of 0.55%. The Meme sector and DeFi sector also saw declines of 4.60% and 4.86% respectively. Ethena (ENA) within the DeFi sector dropped by 8.85%. The cryptocurrency sector index, which reflects historical performance, showed that the ssiLayer2, ssiGameFi, and ssiSocialFi indices fell by 7.89%, 7.11%, and 6.02% respectively in the past 24 hours.