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.