The recovery of the crypto sector does not only benefit the main cryptocurrency. Far from it, since most altcoins follow the upward trend. If the phenomenon is not surprising, what is most impressive is the meteoric progress of MATIC. Indeed, the native token of the Layer 2 Polygon blockchain reverses trends and relegates the main altcoins to the background.
MATIC, the Polygon crypto that literally shakes up the rankings
The recovery of the crypto ecosystem is like a balm on a bloody wound. After months of doubts and hesitation, most digital assets are seeing upward trends. However, Polygon’s MATIC performance is impressive, considering two of its creators jumped ship in early October.
For several analysts, the asset was on its way to a new low point. But the trend seems to be taking another turn, since MATIC is instead gaining in the general ranking of crypto assets and now occupies eleventh place ahead of Polkadot, Chainlink and Toncoin. According to data from Tradingview, the token is up almost 80% over the last 30 days.
Currently, its price is hovering around $0.98. This new price level is expected to generate excitement within the community, as the crypto has not performed like this since May. And who do we say thank you to? No doubt the speculation of bitcoiners.
When speculation on the Bitcoin ETF boosts transactions
The resurgence of the crypto market is restoring value to many assets. But the biggest winner is undoubtedly MATIC from Polygon which recorded a remarkable increase, becoming at the same time the eleventh largest crypto by market capitalization.
As always, this increase is the result of several events. Among other things, the increasing activity of whales around the token since October. As large-scale interests grow, investors are betting more and more on the asset that recently became POL.
Speculation about the imminent adoption of a spot Bitcoin ETF also plays a significant role in this rally. Indeed, the enthusiasm around the Bitcoin ETF is sparking a rally which the token is taking advantage of to propel itself forward.
But whatever the reasons, the recent upsurge will not leave investors unmoved. After months of losses, there is no doubt that members of the MATIC community will not miss the opportunity to make a profit. With its capitalization of $8.6 billion, Polygon’s native crypto is on track to oust Dogecoin and TRON. However, it is worth noting that despite the rise, the current price remains below February’s $1.52. A detail that raises questions.
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