Polygon (MATIC) Market Cap Sank More Than $3 Billion in May

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.

MATIC Historical Data by CoinMarketCap

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.

MATIC Number of Large Transactions Chart by the Into the Block

This corresponded with a big transaction quantity which was in the area of 524.26 million MATIC on the identical worth.

MATIC Transactions Volume in MATIC Chart by Into the Block

The massive transaction quantity of 524.26 million multiplied by a worth of $0.66950 equals $350.99 million.

MATIC Large Transactions Volume in USD Chart by Into the Block

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.

MATIC/USD Chart by TradingView

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