What is Polygon Crypto? Matic Price Skyrockets as Rest of Market Suffers
On 5/19/21 at 7:21 AM EDT
The price of Polygon (known as MATIC on the cryptocurrency market) increased by around 9 percent in the last 24 hours. The value of the cryptocurrency rose while that of all others ranked among the world s 15 largest cryptocurrencies, including Bitcoin, Ethereum and Dogecoin, dropped in the same time frame, according to CoinMarketCap, which monitors cryptocurrency prices.
MATIC is the cryptocurrency that powers the Polygon network, which provides a framework for building and connecting blockchains (a record of transactions) that are supported by Ethereum technology.
The Ethereum cryptocurrency itself is currently the world s second largest cryptocurrency by market cap value (the total market value of a cryptocurrency s circulating supply). Polygon currently ranks 14th among the world s largest cryptocurrencies based on market cap value.
Bitcoin Slides Below $40,000 After China’s New Crypto Ban
LONDON Bitcoin tumbled below the $40,000 mark on Wednesday to a three-and-a-half month low as selling in digital coins intensified after China banned financial and payment institutions from providing cryptocurrency services.
Bitcoin, the biggest and best-known cryptocurrency, had already been under pressure from a series of tweets from Tesla boss Elon Musk, but the news from China sent it as low as $36,250, a 15 percent drop in the trading session.
The cryptocurrency has tumbled 40 percent from a record high of $64,895 hit on April 14. It is also heading for its first monthly decline since November 2018.