Solana flipped Polygon and became the 10th largest crypto in terms of market cap.
Polygon’s NFT ecosystem had grown with more transactions and new integrations.
In recent months, there have been several disturbing news stories negatively impacting the crypto industry, most notably the FTX crash. However, despite this, long-term sentiments towards Polygon [MATIC] increased in recent months. This gradual increase can be attributed to the launch of Polygon’s highly publicized zkEVM.
Sentiment in a bearish market: Amidst a seemingly never-ending stream of bad news, positive sentiment has been hard to come by😢
— Polygon (@0xPolygon) January 20, 2023
While Polygon’s positive sentiment increased, price action also remained bullish over the past week, thanks to the current market conditions. CoinMarketCaps data revealed that the price of MATIC is up 8% in the last 24 hours, and at the time of writing, it was trading at $1.02 with a market cap of over $8.9 billion.
Unfortunately, despite the price pump, MATIC lost its position as the 10th largest crypto in terms of market cap Solana [SOL].
Read Polygons [MATIC] Price prediction 2023-24
Polygon’s NFT space is on fire!
Not only did MATIC‘s price is registering an increase, but the network’s performance in its NFT space also looked optimistic. Polygon for example entered into a partnership with Weird. It allows any Polygon-based NFT collection to use the new self-service tool to build their own custom marketplaces.
📰@rarible Announces Marketplace Builder
🏪Every @0xPolygon based NFT Collection can use the new self-service tool to build their own custom marketplaces.
— NFTevening (@NFTevening) January 20, 2023
In addition, 109 Rarible NFTs were sold in the last seven days with a total sales volume from $8.26k. Santiment’s chart revealed that the total number of NFT trades and total USD trading volume on Polygon also peaked.
How many 1,10,100 MATICs worth today?
What do the statistics suggest?
MATIC’s statistics performance looked optimistic, raising the likelihood of a sustained price increase. For example, MATIC’s MVRV ratio has increased over the past week. MATIC’s net deposits on exchanges were low, compared to the seven-day average, indicating less selling pressure. In addition, the total number of active wallets used to send and receive coins also registered an increase, which looked optimistic.
Nevertheless, MATIC’s network growth fell sharply on January 21. MATIC’s social dominance has also declined in recent days, reflecting the token’s lower popularity in the crypto space.
This post Polygon loses to Solana in market cap – don’t worry because it’s growing in this sector
was published first on https://ambcrypto.com/polygon-loses-to-solana-in-market-cap-fret-not-as-it-grows-in-this-sector/