Polygon (MATIC) Drops 15% Following Bitcoin Correction – Collateral Network Enjoys 40% Gains
After increasing in PRice in line with the recent Bitcoin (BTC) surge, Polygon (MATIC) declined in APRil. This decline was triggered by a market-wide PRice correction, with Polygon being one of the hardest hit. Collateral Network (COLT) has, however, remained unaffected by this correction, with early investors enjoying a 40% PRice increase.
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Polygon (MATIC) Crashed 19.5% In April
Polygon has dipped dramatically from its 2023 highs of over $1.51. After two months of consecutive price increases, Polygon (MATIC) has dropped below $1 with one token worth just $0.8749. With Bitcoin (BTC) now stuck below a new price barrier, analysts are now questioning whether or not Polygon will recover in May.
Polygon recently announced it would develop Niger’s blockchain ecosystem, though this news has done little for its PRice. In fact, over the last seven days, Polygon (MATIC) has crashed an additional 9.83%, with a 6.42% decrease at the time of writing
Daily trading volume for Polygon has also dipped below half a billion as some investors begin to sell their Polygon holdings. This is not only bad news for the project, but its decline suggests that Polygon’s price is highly dependent on Bitcoin.
Collateral Network (COLT) Up 40% As Presale Sales Rise
Collateral Network (COLT) has remained unaffected by recent Bitcoin (BTC) trends, increasing in value by 40%, with an additional 28% increase expected over the next few weeks.
Collateral Network started its presale at a price of $0.01, though it has since increased to $0.014 after its Beta stage presale quickly sold out. Currently in stage one of its presale, over half the rounds supply is already sold out, and tokens are expected to hit $0.068 going into the next presage stage.
Collateral Network is completely unique, being the first and only project to apply DeFi technology to the crowdlending process. Traditionally, individuals would be required to sell assets to receive cash. Using Collateral Network, however, individuals can use their physical assets as collateral and take out a DeFi loan, raising cash without ever needing to sell the asset.
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This loan is created using NFT technology. First, an asset-backed NFT is minted and valued using AI to guarantee a fair market PRice. After this, the NFT is fractionalized, and fractions are sold to multiple Collateral Network users to raise a loan. Lenders will earn an interest rate based on how much they choose to loan, and all information will be stored in the metadata, making it irrefutable.
Given that PRice estimates suggest that Collateral Network (COLT) could increase by 3500% during its PResale, it’s no surPRise that $COLT token sales are increasing fast. Tokens can be purchased on the PResale portal using a number of cryptocurrencies, including BTC, ETH, BNB, USDT, SOL, SAND, MANA, DOGE, and SHIB.
Conclusion
As Polygon (MATIC) continues to decline, Collateral Network (COLT) is looking like a strong alternative. Its PResale is quickly gaining traction, with hundreds of new investors buying tokens daily. Should current trends continue, it’s only a matter of time until we see Collateral Network take the spotlight over many of the market’s biggest PRojects.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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