The cryptocurrencies Mantle (MNT), Arbitrum (ARB), ImmutableX (IMX), Polygon (MATIC), and SKALE (SKL) in the second tier of the digital currency market have seen significant drops in value recently. This downtrend could be a sign that large investors in Solana are selling off their holdings in preparation for potential market shifts caused by the upcoming Bitcoin halving in April 2024. These calculated transactions may influence the market, implying a pessimistic view as the halving event approaches.
1. Mantle (MNT)
In simple terms, Mantle (MNT), a Ethereum layer 2 solution, has gained significant interest in the cryptocurrency world lately. Notably, the price of Mantle’s coin has soared by an impressive 170% since the new year commenced. Over the past month, there has been a notable increase of approximately 20% for Arb.
Currently, the total value of all coins in circulation is approximately $4.2 billion on the market. From a humble beginning of $0.75 in early March, it soared to an astounding high of $1.51 during the second week of April, establishing a new record price.
After reaching a high point, Mantle underwent a minor correction, decreasing by 0.89% in the previous day. The current Mantle price is at $1.30. This price adjustment occurs before the expected Bitcoin halving, which historically brings about active market conditions. Moreover, Mantle has introduced a new feature called the Mantle Reward Station, where users can earn rewards by staking their tokens.
2. Arbitrum (ARB)
Arbitrum (ARB), a top-tier Ethereum network enhancer, uses the technology of optimistic rollups to boost transaction speed, handle more transactions at a time, and reduce costs.
Although Arbitrum’s price has dipped by 3% in the latest development, it still boasts a remarkable year-to-date growth of 21%. This robust expansion is indicative of a larger pattern where more value is being secured within the platform, underlining its growing impact and popularity. The current Arbitrum price stands at $1.41, marking a decline in value over the past day.
3. Immutable (IMX)
Immutable (IMX) is making a name for itself as a top choice for scaling NFTs on Ethereum’s blockchain, solving issues like limited capacity, subpar user experiences, and lengthy development periods. However, IMX‘s price took a dip in the last 24 hours, decreasing by over 3% to reach $2.57. This downward trend suggests a bearish market for Immutable at present.
In the last twelve months, IMX‘s price has experienced a significant surge, increasing by an impressive 140%. At present, its ranking on CoinMarketCap stands at 34th, and its market capitalization amounts to $3.6 billion.
4. Polygon (MATIC)
Polygon (MATIC) plays a crucial role as an essential interoperability and scaling framework that boosts Ethereum’s functionality. This platform supports Ethereum by incorporating a network of sidechains, which significantly improves scalability and reduces transaction costs.
In the past month, MATIC underwent a significant 40% rise in worth. Yet, more current indicators reveal a decline, dropping the Polygon price to $0.8796, below the $1.00 threshold. Consequently, Polygon now ranks 17th in market capitalization, which amounts to $8.7 billion.
5. SKALE (SKL)
The SKALE network is built as a flexible Ethereum alternative, boosting its capacity for handling vast amounts of transactions. Uniquely, it offers an infinite number of swift, customizable blockchains, all secured collectively and free from user gas fees.
These blockchains, known as SKALE chains, can be tailored for specific decentralized applications or shared among multiple apps. Currently, SKALE’s price has seen a decrease of 4.17% over the last 24 hours, now valued at $0.1129. This positions it at 135th on CoinMarketCap, with a total market capitalization of $603 million.
Bottom Line
As the Bitcoin halving draws near, anticipation builds in the cryptocurrency world for potential major changes. Notable figures and financiers are carefully planning their next steps, influencing Bitcoin’s price and market equilibrium on various leading Layer-2 networks.
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2024-04-12 16:12