Price Drops for MATIC and ETH
Over the past 24 hours, both MATIC and ETH saw their prices drop.
Polygon’s Ranking on Federal Reserve’s List
Polygon was ranked 2nd, behind ETH, on the Federal Reserve’s list of tokenization examples.
Polygon’s Heavy Experimentation
Many believe this is likely due to Polygon’s heavy experimentation with dApps and tokenization/RWAs.
One of the founders of Polygon (MATIC), Sandeep Nailwal, shared in a post on X (formerly Twitter), that Polygon is ranked second in terms of tokenization and real words assets (RWA) on the Federal Reserve’s list of tokenization examples with blockchain characteristics. Altcoin leader Ethereum (ETH) took up the first position.
The crypto community speculated that Polygon ranked so highly because dApps built on Polygon are being heavily experimented with for tokenization/RWAs. On the other hand, others drew attention to the fact that the Federal Reserve’s list was merely a list of examples and not an actual ranking.
Price Decline for MATIC
Nonetheless, CoinMarketCap reported that, at press time, MATIC’s price experienced a decrease of over 2% in the past 24 hours despite the apparent ongoing developments for the project. Consequently, MATIC was being traded at $0.523, which was close to its lowest price in the past day at $0.5175.
This decline in MATIC’s price resulted in a negative weekly performance of -0.12% as well. Furthermore, the token’s monthly performance showed a decrease of more than 5%.
The altcoin’s 24-hour trading volume increased by 1.16%, reaching approximately $208,113,409. With a market capitalization of $4,870,283,219, MATIC ranked as the 14th largest cryptocurrency, just trailing Polkadot (DOT) with its market cap of $4,930,505,854.
Price Decline for ETH
ETH suffered a similar fate as MATIC throughout the past day of trading, as its price slipped by 1.35%. This meant that ETH was worth about $1,595.19 at press time. The altcoin’s price decline also caused it to weaken against its largest competitor, Bitcoin (BTC), by 1.23%.
Things did not look much better for ETH’s performance over the longer term, as its price fell by 2.04% over the past seven days. The token’s price also ended up falling by 3.02% in the past month of trading.