January 27, 2023

Solana overtakes Polygon in market capitalization

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1 min.

Solana overtakes Polygon in market capitalization

Polygon (MATIC) has dropped out of the top ten cryptocurrencies by market capitalization, according to CoinMarketCap. Now its place is taken by Solana (SOL).

Over the past day, the MATIC cryptocurrency sank intoprice by more than 3%, while SOL added about 1%. The dynamics in the market over the past 24 hours has led to the fact that the price of MATIC has fallen below $1, at the same time, SOL has overcome the $25 barrier. On Sunday, January 22, Solana's total market capitalization is just under $9.3 billion, while Polygon's is just over $8.6 billion.

Over the past months, many tokens have dipped in pricedue to the negative news background for the entire crypto market. In the fall and winter, the FTX bankruptcy case led to a significant decline in quotations. Despite this, the long-term positive in relation to MATIC has only recently been gaining momentum among investors, against which the cryptocurrency got into the top 10 in terms of capitalization. One of the main catalysts for such sentiments was the launch of zkEVM.

In addition, a positive factor for MATICbecame the project's activity in the NFT market: several agreements were concluded, including a partnership with Rarible. Over the past week, 109 NFT Raribles have been sold for $8,260.

Earlier, another major NFT project, Moonbirds, signed an agreement with the Hollywood agency UTA.