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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Polygon Reclaims 10th Position As MATIC Surges Nearly 30% In One Week

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Chainlink Performance Crucial For Altcoin Market

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Created by industry experts and meticulously reviewed
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The crypto market continues to exhibit dynamic shifts as Polygon’s native token, MATIC, outpaces Litecoin (LTC) in the global rankings to secure the 10th spot. This move comes after MATIC experienced a surge of nearly 30% over the past week.

Resurgence Amid Crypto Rally

The general upswing in the crypto market in the past week has presented opportunities for numerous cryptocurrencies to make significant strides. Polygon (MATIC), for one, has capitalized on this trend, breaking through multiple resistance levels to claim the 10th position in the global crypto market, thereby leaving Litecoin (LTC) trailing behind.

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Polygon’s MATIC Price

MATIC Price Prediction: Polygon Bulls Aim For $0.80

1 year ago

The asset’s surge, which saw MATIC price climbing from a low of $0.67 last Friday to a high of $0.88 yesterday before retracting to $0.84 at the time of writing, marks a nearly 30% increase in the past 7 days.

Polygon (MATIC) price chart on TradingView
Polygon (MATIC) price is moving sideways on the 4-hour chart. Source: MATIC/USDT on TradingView.com

The surge also signals MATIC’s resilience, given that it comes just a month after the United States Securities and Exchange Commission (SEC) classified it as a security, triggering a drastic dip in its value. This move by the SEC made MATIC dwell in a bloodbath for a week to trade below the $0.6 mark.

MATIC Road To Recovery

MATIC’s recovery, however, has been somewhat fascinating. Over the past 24 hours, MATIC has rallied by nearly 10%, exhibiting a strong upward trajectory. Interestingly, this rally mirrors the movements of several notable altcoins in the market, indicating a wider market recovery trend.

Despite the initial setback following the SEC’s classification, MATIC has demonstrated a comeback. Its rebound not only highlights the resilience of the asset but also underscores its growing popularity among investors, which can be attributed to the increasing interest in the Polygon platform, known for its scalability solutions for Ethereum transactions.

MATIC has witnessed a dramatic rise in its market capitalization over the past week, marking a nearly $2 billion increase. The digital asset, starting from a valuation of $6.2 billion last Friday, has seen its market cap surge to $7.89 billion as of today. Interestingly, it’s not just MATIC’s price and market cap that has experienced a notable upswing.

Within the same week, the daily trading volume for Polygon has nearly doubled from its figures last Friday. This surge is evident in the jump from a trading volume of $357 million late last week to as high as $952 million in the past 24 hours.

Related Reading

Polygon

Polygon 2.0 Upgrade – Potential Bullish Implications For MATIC Price?

1 year ago

The sudden increase in trading volume indicates a significant uptick in trading activity within just a week. The overall rise in both price and trading volume paints a picture of significant market interest and increased investor activity around Polygon.

Featured image from iStock, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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