Tag Archives: MATIC Price

Bitcoin

Will Polygon Prices Recover After Sinking 65%?

Dalmas, a seasoned crypto reporter, brings a novel perspective to the business. His specialization in NFTs, blockchain, DeFi, and blockchain information for NewsBTC, mixed with a background in mechanical engineering and over a decade of expertise in journalism, has allowed him to craft over 10,000 information and have articles over the previous eight years. His various vary of matters, together with expertise, Foreign exchange, and finance, displays his complete understanding of the crypto panorama.

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Bitcoin

Polygon Price Risks Plunge With 90 Million MATIC Tokens Selling At $0.5

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Polygon (MATIC) just lately broke under the essential help degree at $0.5 and is liable to additional worth declines. This worth drop is due to a number of merchants who offloaded their tokens as quickly as Polygon reached this help degree amid the downtrend within the broader crypto market.

Polygon Faces Important Promoting Strain

The Alternate-Onchain Market Depth indicator in the marketplace intelligence platform IntoTheBlock reveals that Polygon is presently going through important promoting strain. Over 90 million tokens have been offered after the coin hit $0.5. This indicator tracks the order books of the highest 20 exchanges and reveals the typical worth at which merchants wish to purchase and promote the token. 

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Polygon bulls couldn’t defend the essential help degree of $0.5 as additional information from IntoTheBlock reveals that simply over 55 million tokens have been purchased at a median bid worth of $0.49. In the meantime, Polygon is liable to additional worth declines, with information from IntoTheBlock exhibiting that the promote orders proceed to outweigh the purchase orders. 

Supply: IntoTheBlock

The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence within the MATIC token and have taken benefit of this worth dip to build up extra tokens. Knowledge from IntoTheBlock reveals that giant holders’ web flows have elevated by over 1,700% within the final seven days, indicating accumulation amongst these traders. 

Polygon 2
Supply: IntoTheBlock

Solely 3% of Polygon holders are presently within the cash, which may result in additional worth drops for the crypto token. If the crypto token doesn’t rebound quickly sufficient, the 96% of traders presently at a loss may minimize their losses in some unspecified time in the future, thereby triggering one other wave of sell-offs for MATIC.

Polygon 3
Supply: IntoTheBlock

Because of its bearish worth motion, Polygon just lately dropped out of the highest 20 crypto rankings by market cap. Knowledge from CoinMarketCap reveals that it’s presently the twenty-first largest crypto token by market cap, behind Litecoin. 

Market Circumstances Not Making It Simpler For MATIC

The present situations within the broader crypto market have additionally contributed to Polygon’s current decline. Bitcoin just lately dropped to as little as $63,500 from $69,000, dragging altcoins down within the course of. Tokens like MATIC have suffered extra important worth drops due to their robust optimistic worth correlation with Bitcoin.

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The flagship crypto has skilled this worth decline due to the rising tensions within the Center East, with Iran and Israel on the forefront. Nevertheless, the market is anticipated to select up once more quickly sufficient, which means that tokens like MATIC may get pleasure from a large rebound sooner fairly than later. The primary objective can be for the crypto token to reclaim the essential help degree at $0.5. 

On the time of writing, Polygon is buying and selling at round $0.48, down nearly 2% within the final 24 hours, in accordance with information from CoinMarketCap.

Polygon MATIC price chart from Tradingview.com
MATIC worth stays under $0.5 | Supply: MATICUSDT on Tradingview.com

 

Featured picture created with Dall.E, chart from Tradingview.com

Bitcoin

Daily Active Addresses And Transactions Soar, MATIC Gains 5%

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Layer 2 scaling resolution Polygon has maintained sturdy community exercise even because the broader cryptocurrency market and its native token, MATIC, skilled a downturn within the second quarter of 2024, in line with a brand new report from market intelligence platform Messari.

Polygon Weathers Crypto Market Downturn

Whereas MATIC noticed a 44.3% drop in its circulating market cap to $5.5 billion over the quarter, inserting it because the twentieth largest crypto asset (at present on the twenty sixth place), the protocol’s on-chain metrics remained sturdy. 

That is in distinction to bigger cryptocurrencies akin to Bitcoin and Ethereum, which noticed their market capitalization decline by 12% and 6%, respectively, over the identical interval.

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The important thing driver behind Polygon’s stability in community efficiency throughout the second quarter of the yr, in line with Messari, was the implementation of Ethereum Enchancment Proposal (EIP) 4844 on the Polygon mainnet in Q1 2024. 

This improve, which launched “blobs” to the community, considerably decreased the typical transaction charge on Polygon from $0.017 to only $0.01, leading to a lower of 41.1%.

In consequence, Polygon’s income derived from community transaction charges fell 40.6% to $4 million in Q2 2024. Nonetheless, this drop was not on account of a lower in person exercise, however reasonably the decrease charges enabled by EIP-4844. In truth, Polygon’s person metrics continued to soar, with the protocol seeing sturdy development throughout a number of key indicators. 

On-Chain Exercise And Ecosystem Development

Based on the report, the typical variety of each day energetic addresses climbed to 1.2 million, a 47.6% improve quarter-over-quarter (QoQ). The typical variety of each day returning addresses rose much more, up 50.5% to 1 million. Furthermore, new addresses being added to the community grew by 31.7% to 167,800 per day on common.

The report additionally notes that Polygon’s transaction quantity additionally held regular, averaging 4.1 million each day transactions, slightly below its all-time excessive and representing a 3.9% improve from the prior quarter. 

As compared, fellow Layer 2 networks Arbitrum (ARB) and Base noticed common each day energetic addresses of 545,000 and 528,000 respectively.

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Whereas Polygon’s decentralized finance (DeFi) complete worth locked (TVL) dropped 22.9% to $1 billion, this was largely attributable to the decline in MATIC’s worth reasonably than a web outflow of capital. Messari reported that TVL denominated in MATIC truly elevated by 38.1% to 1.8 billion tokens.

Nonetheless, DeFi protocols on Polygon noticed blended outcomes, with Aave, Uniswap, and SushiSwap all experiencing declines in TVL starting from 13% to 25%. Quickswap noticed the most important drop at 35%.

Lastly, Polygon’s non-fungible token (NFT) market additionally remained secure, with common each day NFT quantity dipping barely by 5.7% to $1.8 million. Nonetheless, the variety of each day NFT gross sales truly elevated by 1.8% to 52,000, underscoring ongoing collector curiosity.

Polygon
The each day chart reveals MATIC’s worth downtrend recorded over the previous 5 months. Supply: MATICUSDT on TradingView.com

On the time of writing, MATIC has skilled a mere 5% improve to a buying and selling worth of $0.512, after hitting a 2-year low of $0.428 on July fifth. 

Coupled with this worrying worth motion, the token has seen a 30% lower in buying and selling quantity over the previous few days, amounting to $197 million, in line with CoinGecko knowledge. All of this has resulted in an 82% distinction to MATIC’s all-time excessive of $2.91, which was set throughout the 2021 bull run. 

Featured picture from Shutterstock, chart from TradingView.com