Polygon [ Matic ] and YFI Price Analysis
Polygon price analysis
Polygon is back above a $10 billion market capitalization after dropping beneath that threshold on the recent crypto price dip.
Matic is $1.70 at the time of writing and has been one of the hottest projects in all of the blockchain realm over the past 12 months. Matic is +7,971% for the last year and has been a major beneficiary of Ethereum’s bogged down network.
With Ethereum’s scaling woes holding it back to some regard over the last year, layer-2 projects such as Polygon have been able to thrive from a valuation standpoint.
Over the last 12 months Matic is +1,795% against BTC and +539% against ETH.
The value of a token should in reality be correlated to some utility that each person subjectively finds in any project, further, that being said users are obviously finding value on the Polygon network and many DeFi applications have already moved to layer-2s.
Matic’s all-time high of $2.65 was made just 8 days ago on May 18th.
More than 62% of Matic’s supply is currently in circulation with a total cap of 10 billion units scheduled in the future.
Matic closed Tuesday’s daily candle at $1.94.
By market capitalization Polygon is boasting a $10.51 billion market cap at the time of writing.
On Tuesday it became public that billionaire crypto enthusiast, Mark Cuban, has invested in Polygon per his website.
Polygon launched on 4/28/19 and its 52 week range is $.015-$2.68.
From YFI’s new all-time high of $90,786 to its low of $32,464 on May 21, YFI decreased by 64.24% during crypto’s apparently brief downturn.
YFI has since bounced back and increased by 43.01% since Monday.
YFI launched just 318 days ago on July 18th, 2020 and has been one of the most intriguing projects to watch day to day in the blockchain space.
With a finite supply of 36,666 and 36,609 of those coins in circulation, YFI’s price swings wildly quite frequently and some days has swung by 5 figures in a 24 hour span.
YFI is the #62 ranked cryptocurrency by market capitalization at the time of writing and has a $1.7 billion market cap.
YFI closed Tuesday’s daily candle at $47,065 with $861.8 million in daily volume.
The aggregate crypto market cap closed within $1 billion of Monday’s close and traded mostly sideways on Tuesday, closing the daily at $1.70 trillion.