MATIC, the native token of layer-2 blockchain Polygon, has been one of the biggest winners in the crypto market resurgence that started in October. Since then, the token has seen a remarkable surge in its price and has now flipped major altcoins to become the 11th-ranked cryptocurrency network by market cap.
9th – 15th ranked cryptocurrencies by market cap Source: CoinMarketCap
Indeed, the rise comes on the back of increased whale activities around the token as large-scale interests picked up. Reports noted that whale transactions on exchanges have been on an upward trajectory since October.
Along the same lines, CoinMarketCap data shows that the token has added significant gains to its price. In the last 30 days, MATIC saw a nearly 80% increase in its price. At press time, the token is exchanging hands at $0.9298 apiece.
Due to the recent surge, the token has now equaled the performances it last saw earlier this year in May. However, the current price still remains below the February peak price of $1.5256, which has the MATIC community wondering if the token could equal that feat.
It bears mentioning that the token has equally benefited from the Bitcoin ETF-fueled rally. Notably, the broader crypto recovery came on increased speculations regarding a spot Bitcoin ETF approval by the U.S. Securities and Exchange Commission.
Nonetheless, the recent upsurge is bound to leave MATIC community members in high excitement as holders look to erase losses incurred in previous months. Furthermore, the token’s $8.6 billion market cap keeps it ahead of altcoins like Chainlink, Toncoin, and Polkadot. At the same time, it also keeps the token on course to possibly overtake 9th and 10th-placed Dogecoin and TRON.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Read the full article here