HomeCryptoAnalysis of the crypto MATIC (Polygon) and APT (Aptos)

Analysis of the crypto MATIC (Polygon) and APT (Aptos)

Recently the crypto market has not been performing very well: in this article we will analyze in particular the trend of MATIC of Polygon and APT of Aptos.

Furthermore, we will take stock of the situation regarding Bitcoin dominance and the highly anticipated altseason. 

The trend of the crypto MATIC of Polygon and the comparison Aptos (APT)

MATIC is the crypto of the Polygon project. It is a token originally issued on the Ethereum blockchain, but now also present on other blockchains, including Polygon’s native one.

Polygon in turn is one of the major layer-2 of Ethereum.

The trend in the crypto markets for the price of MATIC is not particularly good. 

In particular, 2024 is turning out to be a disappointing year, unlike other criptovalute, primarily Ethereum, which overall are performing well this year.

The 2024 of MATIC can be divided into two distinct phases. 

The first one, which started already in January, was characterized by a sharp decline contrary to the overall crypto market trend, and ended in mid-April. 

At that point, a second phase began in which the trend of MATIC returned to being in line with that of the main altcoins. 

In particular, analyzing the trend of the price of MATIC compared to that of ETH (Ethereum), the reference cryptocurrency for altcoins, a real collapse of 53% is noted from the end of December 2023 to mid-April, followed by a further -18% concentrated in the following month. Starting from May 22, the price of MATIC in ETH has remained substantially stable. 

Taking instead the price in US dollars (USD), there was a strong growth from $0.5 in October 2023 to $1.27 in March 2024, but afterwards it ended up dissipating almost all the gains, falling to $0.6. 

In particular, from $1.04 at the end of December to $1.27 in March, the gain was minimal (+22%), just while ETH was marking an excellent +165%. The main problem for this 2024 for the Polygon token has been precisely this. 

The trend of the crypto APT of Aptos

The discussion regarding the price trend of the cryptocurrency APT of Aptos is similar. 

Analyzing the trend of its price compared to ETH, it is noted that from October 2023 to March 2024 it had increased, unlike MATIC which was also losing against Ethereum during that period, but then it crashed. 

Currently, the value of APT against ETH has dropped to an all-time low. 

In particular, the real collapse occurred in the first half of April, because starting from the second half of the month it began to decline much more slowly. 

Examining instead the price in dollars, in the last seven days it appears to be down as much as ETH, but in the last thirty it loses 4.5% while ETH gains 20%.

Starting from October 2023, the price of APT in USD first rose from 5% to 10$ until the end of the year, doubling in value in less than two months, and then further rising to over 18$ by March 2024. However, that was in all respects a mini-speculative bubble, which burst in April and ended up bringing the price of APT back to the current 8$, which is a value lower than that of the end of 2023. 

In reality, however, the current value is similar to that of the minimum peak in January, so it would seem to have been just the burst of a mini-speculative bubble due to temporary FOMO. 

Currently, APT is at -60% from its all-time highs, even though these were recorded only last year since the Aptos cryptocurrency debuted on the crypto markets in 2022, in the midst of a bear-market after the great speculative bubble of 2021. 

It is worth noting that the $18 reached in March of this year are not very far from the $19.9 all-time high recorded in January of last year. 

The dominance of Bitcoin

The data that allows for a better visualization of the situation regarding the possible altseason is the dominance of Bitcoin.

In September of last year, it had fallen below 50%, according to TradingView data.

At the end of October, it had already risen to 54%, but by the end of 2023, it had returned to 51%.

Starting from the end of January 2024, it began a long and almost constant rise that brought it to over 56.5% by mid-April. At that point, it had started to decline, theoretically making the start of an altseason possible, but this decline stopped just below 54% at the beginning of May. 

This dynamic has in fact made an altseason in April impossible. 

After climbing back above 56% in mid-May, with the approval of ETH on Ethereum spot, it had dropped again, but the drop once again stopped too soon, always just below 54%. 

So not even at the end of May could an altseason be triggered. 

Since then, moreover, the dominance of Bitcoin has started to rise again, and now it is at 55.5% ready to return above 56%. 

These data reveal that at this moment there is still no room for the trigger of an’altseason. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".