According to data from the cryptocurrency market tracking service CoinMarketCap, Polygon (MATIC) had a rise in value over the previous 24 hours of trading. This happened despite the Bitcoin project having a very difficult preceding week.
From a basic standpoint, Binance, the leading cryptocurrency exchange, announced on September 8, 2023, that it would stop supporting items from the Polygon Community on its NFT Market by September 26, 2023. Following this disclosure, the price of MATIC fell 10%, hitting its lowest point in 2023.
Additionally, according to on-chain data gathered by CryptoQuant at the beginning of this month, traders on Polygon owned about 942.06 million MATIC tokens in trade wallets. However, as of Monday, there were 983.7 million MATIC tokens total in trading reserves, an increase of 41 million from the previous day.
Between September 9 and September 11, 2023, after the notification regarding the removal of MATIC from Binance’s NFT Market, around 3.5 million of those new deposits were made. According to CryptoQuant’s data, MATIC’s trade reserve is currently estimated to be $980.39 million.
Nearly all traders who transferred their MATIC tokens to exchanges seem to have chosen to keep their holdings so far. Even yet, the altcoin’s value managed to increase by 1.72% over the preceding 24 hours of trading.
As a result, MATIC’s trading value increased to $0.5137, moving further from its 24-hour low of $0.5017 and closer to its daily high of $0.5208. In the meanwhile, MATIC reported daily buying and selling volume of $231,494,791 for the previous 24 hours, a decrease of more than 5% from yesterday.
However, it’s important to keep in mind that MATIC may still have a long road to recovery because it lost more than 7% of its value in the previous week alone. With a $4,790,659,082 market value, MATIC is the fourteenth-largest cryptocurrency. As a result, it moved up to thirteenth place, right below Polkadot (DOT).
