Polygon (MATIC) had been operating at a price level of less than $0.02; however, the cryptocurrency embarked on an upward trajectory as the new year began. Apart from a few major fluctuations, the cryptocurrency has been increasing in value. MATIC has established its all-time high at the current price level of $0.32 and appears to be going upwards. In the 24-hour timeframe, the price level of the cryptocurrency saw a 35% increase while the trading volume increased by a whopping 293%. According to CoinMarketCap, MATIC is ranked at 50th on the basis of market capitalization with the market capitalization also observing an increase of 33%.
The need for Polygon
Ethereum – the queen of cryptocurrencies – stands second only to Bitcoin in the market and its technology has been regarded as one of the finest despite many recent developments in the cryptocurrency sphere. However, Ethereum suffers greatly from scaling which results in high Gas fees on the network and slowed transaction processing. Many firms have stepped up to offer solutions to the problems facing Ethereum – including Polygon.
Matic network recently rebranded to Polygon. Polygon – or Matic Network – is a scaling solution for Ethereum. The technology that the Matic network was using proved to be not effective and, hence, a rebranding was set. The Polygon network will combine the existing technologies for Ethereum and boost their functionality. The program also has the support of renowned developers of the Ethereum network.
Listing on Coinbase Pro
The leading exchange has announced the listing of Polygon (MATIC) along with other coins like Skale Network and SushiSwap. Order booking for the three cryptocurrencies have started on the network and once the sufficient volume has reached, trading will begin. The trading for MATIC is scheduled to commence on March 11. Polygon has gotten under the spotlight in the recent bull-run because of its great performance which has led to the exchange listing the cryptocurrency.
Partnership with Polkamarkets
The prediction market, Polkamarket, has entered into a strategic partnership with Polygon to facilitate the vision of Polkamarket to increase the across blockchain information exchange. Polygon has set out to help the smooth integration of the platform into Ethereum.
Traders are bullish on the cryptocurrency given its performance the past few months. The rebranding of the network to Polygon has also played a role in its increased popularity and as the rebranding improves the scalability solutions offered to the Ethereum network, a further increase in the value of the cryptocurrency can be expected.
A trader has identified the cryptocurrency to be operating in an ascending channel formation. The trader is expecting a break out from the formation at a price level of $0.65. A majority of investors are suggesting a long position on cryptocurrency as market conditions are favorable.