The massive price dip that the crypto market suffered last week has been the focal point for many discussions. The price retracement saw a shuffle of the top 100 coins by market cap.
Polygon saw its share of the price dip as low as $0.7 during this time. Polygon also dropped down the market cap ranking as it slipped as low as 18. The latest price hike ensured that MATIC climbs up the market cap ranking as it sits at the 15th spot: a step closer to the top 10 and higher than it was before the price dip.
MATIC could not sustain the price surge it enjoyed during the last 48 hours as it loses 2.2% in the last 24 hours, recording an intraday high of $1.87 and a low of $1.52. Polygon is heading for a possible price rally in the next few days that may propel it above $2.
Billionaire, Mark Cuban showed his backing for the fifteenth largest coin by market cap by adding it to his website. Traders may take this action as goodwill and rally Polygon or may choose to ignore the backing; causing a slow price hike. The next few days will reveal traders’ choice regarding the above announcement.
The Binance coin is back on track as it is trading above $330. The now fourth-largest coin by market cap was as low as the sixth by market cap ranking. The buyers could not continue the price rally it enjoyed in the last 48 hours as trading volume decreased by 5% with more traders selling than buying.
BNB was once the third-largest coin by market cap but relinquished the spot during the massive FUD that hit the market as its total worth decreased. For the Binance coin to reclaim the third spot, BNB must surge as high as $400; increasing its market cap to more than $65 billion. The current momentum in the market gives no hint of BNB increasing that high this week. Only if market conditions improve will BNB rise as high as $400.
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