- The global crypto market cap is down 0.28% over the last 24 hours.
- ADA is trading at $0.2427 and MATIC is changing hands at $0.7623 at press time.
- MATIC can overtake ADA in terms of market cap if its price breaks above $0.95895.
The crypto market cap is down 0.28% over the last 24 hours according to CoinMarketCap. This has brought the total market cap down to $793.98 billion at press time.
Every project in the crypto market has dropped significantly from its respective all-time high (ATH). Nevertheless, some projects have seen this bear market as an opportunity to grow their dominance in the crypto market.
One such project is Polygon (MATIC), the Layer-2 project which announced a series of large partnerships this year. These partnerships have not yet impacted the price of MATIC, which is trading at $0.7623 at press time. The altcoin’s price is currently down 2.22% over the last 24 hours and 4.64% over the last 7 days.
Despite MATIC’s negative price movement, it still remains in CoinMarketCap’s list of the top 10 biggest projects by market caps, fulfilling the number 10 spot. Just above MATIC is Cardano (ADA), which is one project that would like to move on from 2022.
ADA’s price dropped from its all-time high of $3.09 which was set on September 1, 2021, to trade at $0.2427 at press time. Its price has fallen another 1.25% over the last 24 hours, and is also down 6.28% over the last 7 days. As ADA’s price continues to drop, investors are questioning if MATIC will overtake ADA in terms of market cap.
Given ADA’s current market cap and MATIC’s current circulating supply, MATIC’s price will have to cross above 0.95895 to steal the number 9 spot from ADA. This assumes that the circulating supply of both tokens remains the same and ADA’s price remains at $0.2427.
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