The consolidating market has most tokens securing grounds slightly beyond levels where previous rallies launched. The narrative is different in Polygon as MATIC erased all gains acquired in March. Meanwhile, the decentralized finance front of the tokens hasn’t aced either as the spot market suffers.
MATIC Against Expectations
Polygon has not performed well within the previous two months. The alt tested the $1.36 level as a foothold several times, even after two distinctive hikes that were equally lackluster. The first one emerged as February ended and triggered a 16.35% surge. The latest one between mid-March and April was less than 25%.
As a result, market players started losing patience, and their behavior reflected their depression. While over 7K market players completed on-chain transactions as the month began, the figure stands under 3K.
That saw on-chain transactions deteriorating. Despite the brief improvements recorded early in the month, the 24hr scale saw unique transactions slipping by 74%.
Not a Blissful NFT Marketplace?
Surprisingly (without any correlations) narrative appears to have stretched to MATIC non-fungible tokens. OpenSea has always had ETH-based NFTs dominating, but Polygon had surged demand. However, that seems to diminish.
Sales crossed 2.68M NFTs per month as 2022 started. However, last month recorded only 500K in NFTs sales.
The non-fungible tokens saw their total monthly volume plunging as demand faded. The fall to March’s $49M from early January’s $80M meant a 38% sales decline. However, regardless of faded motivation by investors, selling and buying maintain balance as demand appears consistent on both ends.
Meanwhile, sellers’ dominance saw a slight increase over the past week. However, that might not concern enthusiasts as demand will surge whenever the market recovers. Moreover, the surging adoption of Metaverse and NFTs by companies, celebrities, and brands may trigger higher movements soon.
The overall crypto market struggled with downtrends within the last trading sessions. Bitcoin steadies at the $40K region, changing hands with a 0.09% 24hr surge at $40,224.24. Moreover, the crypto market capitalization stayed relatively flat, surging 0.55% over the past day to $1.88 trillion.
Stay tuned for the latest developments in the crypto market.