Polygon Records an Upswing, Gains 14%
The digital currency market has underperformed over the last week. Bitcoin’s sudden drop under $20K has heightened price pressure, thus straining an industry that has been following a downtrend since the start of the year. Meanwhile, Polygon (MATIC) shone out that week, rising approximately 14.5% in the previous seven days.
Polygon Gains 14% as a Result of Encouraging Developments
MATIC has gained double figures during the last week, making it the highest gainer among many of the top 20 crypto currencies by market capitalization. As per CoinGecko statistics, the current price of MATIC is at $0.875.
According to Coinglass statistics, MATIC short bets of $7.4 million have already been liquidated in the previous week due to this temporary rise. Bullish momentum totaling $5.1 million has also been terminated throughout the same time frame.
Nonetheless, the recent bullish results have not compensated for the losses suffered by MATIC over the last year. MATIC has fallen over 70% from reaching an all-time high of $2.92 in December of the previous year. It is also the 14th most valuable cryptocurrency, with a capitalization of $6.5 billion.
MATIC Gains Occur as a Result of Favorable Developments
MATIC’s performance over the last week coincides with promising developments around the token. Robinhood, one of the most popular crypto exchange apps, announced support for MATIC. Users will have the ability to transfer and withdraw MATIC tokens through the use of the Polygon blockchain.
Robinhood announced that the Polygon network and the Ethereum blockchain will now allow token transactions on the platform. The exchange also stated that it will declare support for various networks in the future.
Robinhood is a renowned exchange for cryptocurrency intraday trading. As a result, the merger may encourage more individuals to purchase MATIC for relatively brief speculation. The rising popularity of the Polygon platform may potentially result in profits again for the MATIC token.
Another encouraging development concerning MATIC is the OpenSea marketplace’s support for Polygon non-fungible coins (NFTs). OpenSea recently introduced MATIC functionality, and its users will be able to make payments using MATIC tokens. Polygon is an Ethereum layer two leveling method, and its inclusion with OpenSea may lead to lower NFT minting and marketing costs.
According to the social media business, one of the motivators for creating this function was interoperability in the Metaverse. Meta has established a mechanism for users to cross-post their Polygon NFTs on Facebook and Instagram.
