MATIC was a part of the digital property that noticed greater than $3 billion wiped off their market worth because of the plunge in the costs of cryptocurrencies throughout May’s market crash.
MATIC, the native asset of the Polygon ecosystem stays a prime 20 digital asset by market capitalization in June 2022. According to Be[In]Crypto Research, MATIC closed the fifth month of the 12 months with a market capitalization of roughly $5.28 billion.
This was a 39% drop from its market cap on the opening day of the month. On May 1, MATIC noticed a buying and selling quantity of $764.72 million which corresponded to a market capitalization of round $8.64 billion.
Why the sinking market capitalization?
An total bearish market which was deepened by constant enhance in rates of interest to spike demand in authorities payments/bonds, a slumping inventory market, geopolitical occasions, and curiosity in much less risky property may be credited for the falling market capitalization of MATIC.
The variety of massive transactions involving MATIC reached a peak of 273,000 at a worth of $0.669950 on May 13.
This corresponded with a big transaction quantity which was in the area of 524.26 million MATIC on the identical worth.
The massive transaction quantity of 524.26 million multiplied by a worth of $0.66950 equals $350.99 million.
On May 13, MATIC opened at $0.6009, reached an intraday excessive of $0.7471, examined an intraday low of $0.5937, and closed the day at $0.6675.
Trading quantity was round $920.97 million and corresponded to a market capitalization of $5.31 billion.
This was a 38% drop from the coin’s opening day market worth.
MATIC worth response
MATIC opened on May 1, at $1.04, reached a month-to-month excessive of $1.19 on May 5, examined a month-to-month low of $0.5084, and ended the month at a buying and selling worth of $0.6621. Overall, this equates to a 36% lower in the opening and shutting costs of MATIC in May.
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