A bad day in the crypto market has sent top altcoins tumbling.
ICP, Polygon, Chainlink, Polkadot lost around 10% since yesterday as the total cryptocurrency market cap dropped by 4.6% over the last 24 hours.
According to Nomic’s data, ICP was the main loser of the day. A blockchain on Internet Computer project by Dfinity against cloud computing ($370) has been falling since its launch. Overnight, the asset lost 15% of its value to trade at $56.64 when writing this content. That is a drastic decline from its highest at $700 during the launching day.
Although other loss cases among the top 20 digital coins by market cap were not that severe, they were notable. Polygon’s MATIC plummeted by 10%, trading at $1.2. Keep in mind that this Mark Cuban-supported Indian crypto project has been aiming to scale quicker than ETH.
Ethereum, the world’s favorite alternative coin, processes more than 1.1 million crypto transactions per day. That is far less than centralized not-for-crypto alternatives such as Visa that can process more than 150 million transactions per day. ETH’s scalability restrictions have influenced some projects looking to resolve the problem. ADA and MATIC are the known blockchains looking to send Ethereum out of the game.
Google added MATIC to its BigQuery services, allowing customers to access detailed analytics about the network. Over the past two days, Polygon declared to partner with decentralized finance (DeFi) protocol 0x and spend $10.5 million to attract new users to MATIC. Keep in mind that 0x had its native coin plummeting by 7%, trading at 86 cents early today.
Polkadot and Chainlink
Finally, Polkadot and Chainlink had the prices dropping by 9% over the past day. At the moment, Chainlink is trading at $21.05, whereas Polkadot values $20.59. Yesterday’s reports about Polkadot’s upgrade for increased interoperability did nothing to recover the losses.
Meanwhile, the leading crypto coins, BTC and ETH, are in a comfort zone today. BTC trades at $35.6K after 5% drop, whereas ETH is at $2,390 after a 3% dip.