{"id":14225,"date":"2022-12-16T16:53:29","date_gmt":"2022-12-16T20:53:29","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14225"},"modified":"2022-12-16T16:53:29","modified_gmt":"2022-12-16T20:53:29","slug":"polygon-profitability-tanks-as-matic-nosedives-5-6","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/16\/polygon-profitability-tanks-as-matic-nosedives-5-6\/","title":{"rendered":"Polygon Profitability Tanks As MATIC Nosedives 5.6%"},"content":{"rendered":"<p class=\"p2\">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<h2 class=\"p2\">MATIC Loses 5.6% In 24 Hours<\/h2>\n<p class=\"p2\">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<p class=\"p2\">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<\/p>\n<p class=\"p2\">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<\/p>\n\n<p class=\"p2\">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<h2 class=\"p2\">Profitability Drops Drastically<\/h2>\n<p class=\"p2\">An offshoot of the recent decline in MATIC price has been the drop in profitability for investors who hold the token. <a href=\"https:\/\/app.intotheblock.com\/coin\/MATIC\" target=\"_blank\" rel=\"noopener\">Data from IntoTheBlock<\/a> shows that presently, only 23% of all wallets holding the cryptocurrency are recording a profit.<\/p>\n<p class=\"p2\">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\n<p class=\"p2\">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<p class=\"p2\">MATIC was exchanging hands at $5.11 at the time of this writing, down almost 8% over the last seven days.<\/p>","protected":false},"excerpt":{"rendered":"<p><!-- wp:html --><\/p>\n<p class=\"p2\">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<h2 class=\"p2\">MATIC Loses 5.6% In 24 Hours<\/h2>\n<p class=\"p2\">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<p class=\"p2\">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<\/p>\n<p class=\"p2\">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<\/p>\n<p class=\"p2\">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<h2 class=\"p2\">Profitability Drops Drastically<\/h2>\n<p class=\"p2\">An offshoot of the recent decline in MATIC price has been the drop in profitability for investors who hold the token. <a href=\"https:\/\/app.intotheblock.com\/coin\/MATIC\" target=\"_blank\" rel=\"noopener\">Data from IntoTheBlock<\/a> shows that presently, only 23% of all wallets holding the cryptocurrency are recording a profit.<\/p>\n<p class=\"p2\">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<p class=\"p2\">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<p class=\"p2\">MATIC was exchanging hands at $5.11 at the time of this writing, down almost 8% over the last seven days.<\/p>\n<p><!-- \/wp:html --><\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-14225","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=14225"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14225\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14225"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}