KEY POINTS

  • MATIC took the 19th place in the market, defeating LINK
  • MATIC briefly surpassed UNI to conquer 18th place
  • Market turned bearish due to huge sell-off

Polygon (MATIC) hit a new weekly high of $1.967 Friday, a day after it surged following the listing on Spain's largest cryptocurrency exchange.

That said, the token failed to regain the $2 price level although its market capitalization surpassed that of Chainlink and even Uniswap for a brief moment. 

According to data from CoinMarketCap, trading volume reached $1.6 billion for MATIC, while Chainlink's volume was at $1.02 billion.

LINK tokens' price action wasn't as bullish as MATIC on Thursday. LINK opened the daily candle at $25.5, while MATIC opened the candle at $1.68.

For the same day, Polygon closed the daily candle at $1.925 after reaching a high of $1.94, a rise of nearly 14%. While LINK closed the daily candle at $26.41 after reaching a high of $27.61, a rise of nearly 3%.

Polygon price chart Polygon (MATIC) price chart Photo: www.tradingview.com

Chainlink price chart Chainlink (LINK) price chart Photo: www.tradingview.com

Polygon's huge price rise can be attributed to its listing on Spain's largest cryptocurrency exchange, Bit2Me. The price rose to a daily high of 1.72 EUR on the cryptocurrency exchange. 

The market cap of Polygon at 3:19 a.m. ET was $12.2 billion, while Chainlink's market cap was $12.18 billion. 

After reaching a new weekly high on early Friday, MATIC fell by 13%. As the price went down, the market cap of the token shrunk at a substantial rate. Prior to this fall, MATIC had a market cap of $12.9, exceeding Uniswap's market cap to take over the 18th position.

MATIC's price was unable to surpass $1.967 and enter the $2 price level. As a result, price action turned bearish as Polygon fell to 19th position.

The daily low for Friday stands at $1.65 for MATIC, and if the price continues to fall, traders and investors might witness MATIC fall back to 20th position. However, Chainlink is also experiencing bearish movement, down by more than 10%. 

The total market cap of the crypto industry was unable to break into the $3 trillion range and fell to $2.4 trillion.

Crypto market cap Crypto market cap Photo: www.tradingview.com Bitwise launches a fund specially dedicated to Polygon (MATIC) Ethereum Photo: https://pixabay.com/illustrations/ethereum-currency-trading-3660218/