Sunday, May 19, 2024

Polygon Surges 12%, Edging Bitcoin And Ethereum, In Last 24 Hours

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Polygon (MATIC) posted the highest 24-hour gains today and surpassed Bitcoin and Ethereum in that department as the altcoin mounts a bounce back following the crashing effects of the FTX implosion.

  • MATIC is nursing a 12% intraday increase
  • The crypto has breached the $0.90 barrier and pushed its market cap to over $8 billion
  • Polygon NFT sales up by 191%

According to latest tracking from Coingecko, the cryptocurrency is changing hands at $0.94, registering an increase of 12% in its intraday performance. Over the last seven days, MATIC has pumped its value by 10%.

Among the top 10 digital currencies tracked by the online crypto information provider, Polygon was the day’s top gainer as BTC and ETH could only manage to go up by 4.9% and 7%, respectively.

Moreover, with this bullish movement, the asset managed to push its total market capitalization to $8.32 billion, registering an inflow of around $400 million from the $7.60 billion valuation it was nursing when it was trading at $0.87 just the other day.

The Signs Were There All Along For Polygon

Last week, following all the chaos that ravaged the crypto space including the collapse of FTX and the closure of many related businesses, MATIC reacted negatively and plunged all the way down to the $0.81 support level.

Source: TradingView

However, yesterday, some of the digital asset’s technical indicators such as Relative Strength Index (RSI) and 200-day Exponential Moving Average (EMA) indicated the resurgence of a bullish movement for Polygon.

Tallying an increase of 3.65% within the last 24-hours, the altcoin pulled itself back up to $0.86 and in doing so has teased a breakout above the $0.90 mark.

In addition, the cryptocurrency was able to increase its trading volume by 1.90%, further solidifying the bullish thesis of analysts that were trying to determine where its price trajectory is headed.

It turns out, the experts made the right call as MATIC is enjoying one of the best recent performances that the crypto space has witnessed so far.

It still has ways to go but with its current level, it is extremely close to hitting the psychological $1 territory.

NFT Sales Go Up By Almost 200%

One possible reason for MATIC’s impressive showing right now is the incredible growth that is being enjoyed by its NFT department.

According to information shared by crypto analytics portal Messari, since the end of September, Polygon-based NFT sales went up by 191% on its way to posting the best blockchain result by far.

This development could be attributed to the project’s integration with Starbucks and Meta (Instagram), which, according to experts, greatly helped its native token during the crypto collapse.

MATIC total market cap at $8.05 billion on the daily chart | Featured image from CTV News, Chart:

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