Polygon, Polkadot, and ICP Drop 10% As Altcoins Price Increases

Polkadot, Chainlink, Polygon, and ICP all suffered losses of or close to 10% overnight as the global crypto market lost 4.6% of market cap in 24 hours. According to data aggregator Nomics, the ICP took the biggest hit. Dfinity's ambitious project called the blockchain-based "internet computer", which hopes to compete with the $370 billion cloud computing industry, has been in free fall since its release. It lost another 15% overnight, trading at $56.64 at the time of writing. That's a long way from the all-time high of $700 on launch day. Range Dives Other losses in the top 20 cryptocurrencies by market cap were less severe, but no less pronounced. Polygon (MATIC) was down 10% at $1.2. Bad news for the Mark Cuban-backed Indian crypto startup working to scale faster than Ethereum. Ethereum, the second largest blockchain after Bitcoin, processes more than 1.1 million transactions per day. This is far from non-crypto centralized alternatives like Visa's payment network, which can handle 150 million transactions per day. Ethereum's scalability issue has inspired a number of projects in hopes of solving the issue. Polygon and Cardano are two of the best known blockchains trying to beat Ethereum at its own game. Last month, Google added Polygon to its BigQuery service, giving users access to in-depth analysis of the network. Two days ago, Polygon announced that it has spent $10.5 million to attract users to the Polygon network, along with the DeFi protocol 0x. 0x's own native token also took a hit today. Trading at 86 cents fell 7%. Chainlink and Polkadot – The Nine Percent Finally, Chainlink and Polkadot prices are down 9% in the last 24 hours. Chainlink is currently trading at $21.05, while Polkadot is trading at $20.59. Yesterday's news that Polkadot plans to build "chain-to-chain bridges" for greater interoperability between blockchains did little to curb today's downturn. Two leading cr

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