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The price of leading cryptocurrencies has plummeted as a result of a terrible market day.
Polkadot, Chainlink, Polygon, and ICP all lost 10% or more overnight, while the overall crypto market dropped 4.6 percent of its market valuation in 24 hours.
According to data aggregator Nomics, ICP received the highest fall. Since its inception, Dfinity’s grandiose project, the blockchain-based ‘Internet Computer,’ which aims to compete with the $370 billion cloud computing market, has been in freefall. It fell another 15% overnight, and it was trading at $56.64 at the time of writing.
That’s a far cry from its previous (and very brief) all-time high of $700 on launch day.
Other losses in the top 20 cryptocurrencies in terms of market value were less severe, but no less noticeable. Polygon (MATIC) declined 10% to trade at $1.2. This is bad news for the Mark Cuban-backed Indian cryptocurrency firm, which has been aiming to expand quicker than Ethereum.
After Bitcoin, Ethereum is the second largest blockchain, with over 1.1 million transactions each day. That is far below centralised non-crypto options, such as Visa’s payments network, which can handle 150 million transactions each day. The scalability barrier in Ethereum has spurred a few initiatives that aim to overcome the problem. Polygon and Cardano are two well-known blockchains attempting to outperform Ethereum.
Google added Polygon to its BigQuery service this month, giving users access to extensive network metrics. Polygon said two days ago that it will invest $10.5 million to bring people onto the Polygon network in collaboration with DeFi protocol 0x. Today, 0x’s native token suffered a knock as well. It is now trading at 86 cents, down 7%.
Chainlink and Polkadot – the nine percenters
Finally, Chainlink and Polkadot have both declined by 9% in the previous 24 hours. Polkadot is presently trading at $20.59, while Chainlink is trading at $21.05. Polkadot’s announcement yesterday that it intends to construct ‘cross-chain bridges’ for increased interoperability across blockchains has done nothing to dampen today’s drop.
Today, the two biggest cryptocurrencies, Bitcoin and Ethereum, are in a relatively safe position. Bitcoin dropped over 5% overnight to $35.6k, while Ethereum dipped a more moderate 3% to $2,390.