- Altcoins like MATIC and CHZ are largely affected by narratives at the moment.
- MATIC is currently trading at $0.9815 after a 9.77% drop in price.
- CHZ’s 24 hour trading volume is currently down by more than 18%.
Crypto enthusiast Altcoin Sherpa took to Twitter on November 11 to urge people to be careful when it comes to altcoins as they are very strongly narrative driven at the moment. He specifically mentioned altcoins like Polygon (MATIC) whose price is affected by business development and Chiliz (CHZ) whose price is affected by the upcoming world cup.
According to the crypto market tracking website, CoinMarketCap, MATIC is currently trading at $0.9815 after a 9.77% drop in price over the last 24 hours, and after reaching a high of $1.09 over the same time period. The altcoin is also still in the red by more than 28% over the last week.
MATIC’s 24 hour trading volume is also in the red by more than 40% to now stand at $1,229,758,509.
Adding to MATIC’s misfortune is the fact that the altcoin weakened against Bitcoin (BTC) and Ethereum (ETH) by about 6.77% and 9.31% respectively.
CHZ is currently worth $0.2108 after a 6.48% drop in price over the last day. The altcoin is also down more than 17% over the last seven days. The crypt’s 24 hour trading volume is also down by more than 18% and now stands at $1,053,652,175.
With its market cap of $1,265,605,805, CHZ is currently the 35th biggest cryptocurrency in terms of market cap, which places it right behind Flow (FLOW) in the 24th position and in front of Terra Classic (LUNC) in the 36th position.
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