Polygon posts 12% daily price gain
01 Dec 2022
Polygon (MATIC) registered the highest 24-hour gains on Thursday, exceeding Bitcoin and Ethereum, as the altcoin rallied in the aftermath of the FTX collapse.
At the time of writing, Polygon was trading at $0.94, a 12% intraday increase, according to Coingecko data. Over the last week, MATIC’s value has increased by 10%.
Within the top 10 cryptocurrencies tracked by Coingecko, Polygon is the top gainer of the day, as the world’s two largest cryptocurrencies – Bitcoin and Ethereum – rose 4.9% and 7%, respectively.
In addition, thanks to this bullish momentum, Polygon’s total market capitalisation reached $8.32 billion, with an inflow of some $400 million from its $7.60 billion valuation when trading at $0.87 earlier in the week, News BTC reports.
Following the implosion of FTX and the closure of other related businesses, MATIC plummeted to the support level of $0.81 last week. Yet on Wednesday, certain technical indicators such as the 200-day Exponential Moving Average and Relative Strength Index (RSI) signalled a Polygon rally.
With a rise of 3.65% over the past 24 hours, the altcoin moved back up to $0.86, testing a breakout above the $0.90 level.
Furthermore, the digital currency increased its trading volume by 1.90%, bolstering its bullish momentum. Indeed, MATIC is currently experiencing one of the best recent performances within the entire crypto space up to now. There’s still a long road ahead, but taking into account its current level, it is close to reaching the psychological $1 mark.
According to analysts, one likely reason for MATIC’s current performance is the immense growth in Polygon-based NFT sales.
As per statistics from crypto analytics portal Messari, Polyson-based NFT sales have soared 191% since the end of September.
Latest Blogs
‘Britcoin’ likely to be in use this decade
07 Feb 2023
China hands out digital Yuan aiming to boost adoption
06 Feb 2023
Australia unveils token mapping paper
03 Feb 2023
Bitcoin exceeds $24k after Fed rate hike announcement
02 Feb 2023
UK government to unveil plans to regulate crypto
01 Feb 2023
Back to Blog