The price of Onyxcoin (XCN) sharply declined by 10.98% during Wednesday's Asian session before partially recovering. This article explores the reasons for the decline and its implications.
Reasons for XCN Drop
Onyxcoin experienced volatility amidst the broader decline in the crypto market. Throughout Wednesday, the token's price fell from $0.01421 to $0.01319. This drop occurred without clear news catalysts, indicating a reaction to overall market weakness.
Market Influencing Factors
XCN's trading volume over the past few days fluctuated between $24 million and $27 million. Even modest order imbalances can lead to significant price swings. The broader altcoin sector is under pressure amid market uncertainty and recent indecision with Bitcoin's direction.
Onyxcoin Prospects
Onyxcoin's current situation is also related to its shift towards Layer-3 infrastructure, which is already facing stress. As traders await the outcomes of significant proposals, potential changes to staking rewards could affect price movements.
For now, Onyxcoin remains caught between its long-term technical promises and the short-term market realities, creating an unstable situation for the token amid the unpredictable crypto landscape of 2025.
