Since its rebranding as Polygon, MATIC has surpassed other well-known tokens such as Bitcoin. Since the previous quarter, median prices have increased by nearly 37%, and Polygon now ranks in the top 15 cryptocurrencies by market valuation. Market Capitalization and Average Price Volume have increased by roughly 112% and 50%, respectively.
What Is Polygon?
Polygon is a framework and protocol designed to let developers create and link blockchain networks compatible with Ethereum. The Polygon altcoin is still recognized as the Matic System and has the MATIC symbol. The technology merges sovereign and Ethereum blockchains to a multiple-chain architecture to construct decentralized apps. The platform, situated in Mumbai, India, was created in 2017.
Working of Polygon?
The Polygon SDK is at the heart of the network, and it’s used to create Ethereum-compatible decentralized apps in the form of side chains and link them to the primary blockchain.
Following construction scalability strategies may be used to build side chains:
- Plasma Chains — Groups operations into blocks and submits them all at once to the Ethereum blockchain.
- Roll-ups — permit to combine numerous transactions into a particular transaction.
- Optimistic Roll-upsRoll-ups are comparable to Plasma Chains, but they can also scale Ethereum smart contracts.
Polygon’s primary chain is a Proof of stake side chain where users risk MATIC tokens to authenticate transactions and decide on network developments.
Price History of Polygon
Matic network started its crypto journey on April 29th, 2019, at USD 0.004. Following that, the token began to climb slowly. In May, the price had reached a peak of USD 0.03, and by early June, it had dropped to $0.01. Later, until the end of July, the price remained steady at USD 0.02.
The Matic continued to trade at USD0.014 in January 2020, indicating a negative trend. Subsequently, the price fluctuated, eventually reaching USD 0.02 in February. By mid-March, the token had plummeted to USD0.006.
The Rise of the Polygon Network
While the price of cryptocurrencies like Ethereum, Bitcoin, Ripple, and others fell, the price of Polygon(MATIC) increased by about 35%.
Many intelligent investors began looking for the next great thing following the bearish trend. Polygon(MATIC) appears to have been noticed. It was one of the leading 15 largest cryptocurrencies worldwide and has gained immense popularity. Due to a surge in customer demands, cryptocurrency exchanges were compelled to offer it.
Will MATIC Price Toss to $5 Soon?
Traders must keep an eye on several support and resistance levels in short to mid-term Polygon (MATIC) Network prediction models for 2021. If the overall market remains positive, the analyst believes its worth might reach $5.
Projects like MATIC, which assists in scaling the ETC network, are projected to benefit significantly in the mid-term, especially until Ethereum 2.0 is released. According to MATIC Network Price Prediction, MATIC can reach USD 5 per token in the future if market circumstances continue to be favorable and demand for Ethereum rises.
Polygon is a part of the most cutting-edge Crypto innovations, including Defi, DApps, DAO, and NFT. In August, it purchased Hermez Network. This zero-knowledge system will assist in confidentially checking data with no disclosure to a third party. This is a resource that all virtual currencies experts must check upon. It has the potential to bring about unexpected improvements to the current infrastructure and increased popularity for cryptocurrencies. Any crypto enthusiast needs to follow the trends closely and invest wisely after adequately researching the market.