{"id":512675,"date":"2022-12-16T11:00:32","date_gmt":"2022-12-16T16:00:32","guid":{"rendered":"https:\/\/ktsl888.com\/?p=512675"},"modified":"2024-06-11T14:33:14","modified_gmt":"2024-06-11T14:33:14","slug":"polygon-profitability-tanks-as-matic-nosedives-5-6","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/polygon-profitability-tanks-as-matic-nosedives-5-6\/","title":{"rendered":"Polygon Profitability Tanks As MATIC Nosedives 5.6%"},"content":{"rendered":"

MATIC has had a rollercoaster of a year. Its price has fluctuated between cycle peaks and cycle lows year-to-date but has seen some good recoveries as well. However, as the week draws to a close, MATIC dove off its $0.9 cliff, and investor profitability has plummeted right along with it.<\/p>\n

MATIC Loses 5.6% In 24 Hours<\/h2>\n

Over the last 24 hours, the price of MATIC is already down more than 5.6%, according to data from TradingView. The digital asset which had been able to maintain its $0.9 level for the last few weeks had eventually succumbed and drifted down.<\/p>\n

Related Reading: Whale Accumulation Paints Bullish Picture For XRP<\/a><\/div>\n

By the time the markets opened for trading on Friday, MATIC had already touched its 24-hour low of $0.84 before marking a small recovery back above $0.85. Its 5.6% decline coincided with a broader decline in the crypto market, which means it wasn\u2019t an isolated incident for the token.\u00a0<\/span><\/p>\n

It followed the likes of Ethereum (ETH) and Binance Coin (BNB), both of which had recorded more than 5% losses in the same time period. Volume was also down across the space with MATIC seeing an 18% decline in volume.\u00a0<\/span><\/p>\n

\"Polygon<\/p>\n

Price trending at $0.85 | Source: MATICUSD on TradingView.com<\/a><\/pre>\n
The digital asset also lost about $300 million from its market cap. Nevertheless, it retains its position as the 10th largest cryptocurrency in the space, sitting right behind Cardano (ADA) which was down almost 5% in the same 24-hour period.<\/p>\n
Profitability Drops Drastically<\/h2>\n
An offshoot of the recent decline in MATIC price has been the drop in profitability for investors who hold the token. Data from IntoTheBlock<\/a> shows that presently, only 23% of all wallets holding the cryptocurrency are recording a profit.<\/p>\n
Related Reading: What Ethereum\u2019s Rejection At $1,350 Says About The Cryptocurrency<\/a><\/div>\n
The vast majority of holders, accounting for 68% of all wallets, are seeing losses. The remaining 9% are sitting in the neutral territory, putting them right at the price that they purchased their coins for.<\/p>\n
\"MATIC<\/p>\n
Only 23% of holders in profit | Source: IntoTheBlock<\/a><\/pre>\n
Interestingly, unlike Bitcoin and Dogecoin, MATIC has a lower composition of long-term holders which could provide a reason for such low-profit percentages. Only 33% have held their coins for more than one year, whereas 57% have held them between one and 12 months, and 10% have only had their coins for less than one month. However, it is also important to note that MATIC\u2019s 70% decline from its all-time high price of $2.90 in December 2021 plays a huge role in this.<\/p>\n
MATIC was exchanging hands at $5.11 at the time of this writing, down almost 8% over the last seven days.<\/p>\n
Featured image from Capital.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
MATIC has had a rollercoaster of a year. Its price has fluctuated between cycle peaks and cycle lows year-to-date but has seen some good recoveries as well. However, as the week draws to a close, MATIC dove off its $0.9 cliff, and investor profitability has plummeted right along with it. MATIC Loses 5.6% In 24 Hours Over the last 24 hours, the price of MATIC is already down more than 5.6%, according to data from TradingView. The digital asset which had been able to maintain its $0.9 level for the last few weeks had eventually succumbed and drifted down. Related Reading: Whale Accumulation Paints Bullish Picture For XRP By the time the markets opened for trading on Friday, MATIC had already touched its 24-hour low of $0.84 before marking a small recovery back above $0.85. Its 5.6% decline coincided with a broader decline in the crypto market, which means it wasn\u2019t an isolated incident for the token.\u00a0 It followed the likes of Ethereum (ETH) and Binance Coin (BNB), both of which had recorded more than 5% losses in the same time period. Volume was also down across the space with MATIC seeing an 18% decline in volume.\u00a0 Price trending at $0.85 | Source: MATICUSD on TradingView.com The digital asset also lost about $300 million from its market cap. Nevertheless, it retains its position as the 10th largest cryptocurrency in the space, sitting right behind Cardano (ADA) which was down almost 5% in the same 24-hour period. Profitability Drops Drastically An offshoot of the recent decline in MATIC price has been the drop in profitability for investors who hold the token. Data from IntoTheBlock shows that presently, only 23% of all wallets holding the cryptocurrency are recording a profit. Related Reading: What Ethereum\u2019s Rejection At $1,350 Says About The Cryptocurrency The vast majority of holders, accounting for 68% of all wallets, are seeing losses. The remaining 9% are sitting in the neutral territory, putting them right at the price that they purchased their coins for. Only 23% of holders in profit | Source: IntoTheBlock Interestingly, unlike Bitcoin and Dogecoin, MATIC has a lower composition of long-term holders which could provide a reason for such low-profit percentages. Only 33% have held their coins for more than one year, whereas 57% have held them between one and 12 months, and 10% have only had their coins for less than one month. However, it is also important to note that MATIC\u2019s 70% decline from its all-time high price of $2.90 in December 2021 plays a huge role in this. MATIC was exchanging hands at $5.11 at the time of this writing, down almost 8% over the last seven days. Featured image from Capital.com, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":512679,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[40670,87628,86442,76656,79614,83584],"class_list":["post-512675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-matic","tag-matic-performance","tag-matic-price","tag-maticusd","tag-maticusdt","tag-polygon"],"acf":[],"yoast_head":"\nPolygon Profitability Tanks As MATIC Nosedives 5.6%<\/title>\n<meta name=\"description\" content=\"MATIC has had a rollercoaster of a year. 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This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/ktsl888.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon Profitability Tanks As MATIC Nosedives 5.6%","url":"http:\/\/ktsl888.com\/news\/polygon-profitability-tanks-as-matic-nosedives-5-6\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/polygon-profitability-tanks-as-matic-nosedives-5-6\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/MATIC-Polygon.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/MATIC-Polygon.jpeg?fit=1114%2C627"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["matic","matic performance","matic price","maticusd","maticusdt","polygon"],"dateCreated":"2022-12-16T16:00:32Z","datePublished":"2022-12-16T16:00:32Z","dateModified":"2024-06-11T14:33:14Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon Profitability Tanks As MATIC Nosedives 5.6%\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/polygon-profitability-tanks-as-matic-nosedives-5-6\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/polygon-profitability-tanks-as-matic-nosedives-5-6\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/MATIC-Polygon.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/MATIC-Polygon.jpeg?fit=1114%2C627\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"matic\",\"matic performance\",\"matic price\",\"maticusd\",\"maticusdt\",\"polygon\"],\"dateCreated\":\"2022-12-16T16:00:32Z\",\"datePublished\":\"2022-12-16T16:00:32Z\",\"dateModified\":\"2024-06-11T14:33:14Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2022\/12\/MATIC-Polygon.jpeg?fit=1114%2C627","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/512675"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=512675"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/512675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/512679"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=512675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=512675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=512675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}