Cardano (ADA) has strung together several days of gains while the overall market has struggled with sluggish performances over the previous week. After it’s strong performance, rising from $1.15 on January 11 to $1.49 at the time of publication, Cardano now ranks as the fifth-largest cryptocurrency carrying a market capitalization of around $50 billion and at the same time outpacing Solana which sits at a market cap of around $43 billion.
MATIC is an Ethereum token used to power the Polygon Network, a scaling solution for Ethereum with aims to provide faster, easier, and less expensive transactions than rival networks. The MATIC token is used to pay for all transaction fees and is needed to participate in proof-of-stake consensus and has been in high demand over the weekend. The cryptocurrency tracking outfit Whale Alert just released information that an unregistered owner just transferred 2, 674,144 MATIC tokens worth almost $6 million to the Binance exchange. When added to the amount of MATIC moved by whales over the weekend, it adds up to a combined 25.4 million tokens changing hands for the Polygon blockchain.
Selling pressure continues to mount for weak-handed Bitcoin investors as the crypto market slump continues dragging the price of BTC down to $41,175.84 Friday morning, representing more than a 30% drop from its all-time high of $69,000 reached in November. Concurrently, whales are seizing this opportunity to accumulate Bitcoin at a discount in anticipation of a near-term rebound.
Polygon (MATIC), a layer two network designed for scaling and application infrastructure development on the Ethereum (ETH) network, was one of the most popular digital assets throughout the entire crypto market in December. From a spike in active addresses holding or trading MATIC, to Polygon’s $1 billion investment into zero-knowledge technology, co-launching a $200 million Web 3.0 social media initiative, to being utilized by Opera’s web browser to bring its decentralized apps to a wider audience, the future looks incredibly bright for the MATIC network.
Bitcoin (BTC) broke past several key areas of resistance in the past 24 hours while quickly climbing from a low of $48,250 to a high of $51,527.62 whike flashing positive signs that there could be more gains ahead.
Polygon (MATIC) announced on its official site that following a community vote goEthereum’s flagship project, Uniswap, now has its V3 contracts live on the layer-two scaling solution with benefits including lower gas fees, faster transactions, and increased users among several others. Support for Polygon has also been integrated with the AMM’s (automated market maker) official interface.
Solana (SOL) has experienced a dramatic reduction in valuation over the past month. After reaching a high of $243.56, SOL is now struggling to stay above the major support level of $170 and the bears are currently in firm control yet again after a false breakout.
The crypto market started out the new week by continuing its recent negative trend that has dragged the broader market down. The three largest cryptocurrencies in terms of market capitalization, Bitcoin Ethereum, and Binance, are all moving lower. During the past 24 hours of trading, all three tokens are down between three and five percent and the overall crypto market has seen a decline of 3.6%.
December has been somewhat brutal regarding crypto markets with a prolonged bearish streak that has been devastating for that majority of digital assets. With the exception of a handful of coins, Friday continued the streak of down days as the majority of small, medium, and large-cap coins continued to shed value. Now, several technical trading indicators are flashing warning signs that continued losses might be possible, culminating in Bitcoin dropping to a sub $40k valuation.
With the fallout from the Squid Game Token still fresh on investors’ minds, there are signs that the very same scammers are back to work with another heist this time targeting the meme sensation Shiba Inu.