July 24, 2024

Solana overtakes Polygon in market capitalization

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Solana overtakes Polygon in market capitalization

Polygon (MATIC) has dropped out of the top ten cryptocurrencies by market capitalization, according to data from the CoinMarketCap platform.Its place is now taken by Solana (SOL).

Over the past day, the MATIC cryptocurrency has dropped in price by more than 3%, while SOL has added about 1%. The dynamics in the market over the past day led to the fact that the price of MATIC fell below $1, at the same time, SOL broke the barrierat $25.On Sunday, January 22 , in the afternoon, Solana's total market cap isa little less than $9.3 billion, while Polygon has a little more than $8.6 billion.

In recent months, many tokens have dropped in price due to the negative news background for the entire crypto market.In the fall and winter, FTX's bankruptcy case led to a significant decline in quotations.Despite this, the long-term positivity towards MATIC has only recently gained strength among investors, against the background of 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, the project's activity in the NFT market was a positive factor for MATIC: several agreements were concluded, including a partnership with Rarible.Over the past week, 109 Rarible NFTs have sold for $8,260 .

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