How This Crypto Pulled Off A Surprise 60% Rally In This Area – Find Out Here

Christian Encila

2 years ago

3 mins read

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Crypto assets have different utilities, but at the end of the day, their performance will be evaluated by their trading price, volume and total market capitalization.

That is perhaps the lesson that was reminded to the Polygon network and its native cryptocurrency MATIC, which continues to decline after attaining its all-time high just 10 months ago.

The 14th largest crypto by market cap, according to Coingecko, is trading at $0.813 as of this writing. It has been down by 1.6% for the last 24 hours but is still sitting on a 6.2% gain over past seven days.

While still far from the ATH of $2.92 which the crypto hit on December 27, 2021, the asset is among those that are on the green as the digital currency market prepares for the tail-end of 2022.

MATIC Performs Well In Dapps Area

Recently, Polygon released a report that supposedly contained one of the significant accomplishments of the network for the year 2022.

This pertains to the unprecedented growth in terms of the number of Decentralized Applications (Dapps) that are built on the Polygon chain, which reached the 53K mark at the end of the third quarter of this year.

The number is three times bigger than the one tallied by Polygon on March of this year and 60% higher than the total for the entire second quarter.

The creator of the MATIC crypto has every reason to celebrate such feat, considering Dapps are often built into the Ethereum network.

One potential reason for this surge is the recent partnership of Polygon with Starbucks, Robinhood and Nothing.

Crypto Continues To Struggle Amid Milestone

While the Polygon network enjoys its success in the Dapps arena, its crypto is not looking so good right now according to some metrics.

MATIC’s 24-hour trading volume as of this writing is $271.58 million after falling by 6.86%. The crypto is also witnessing a drop in its one-day circulation data.

On October 3, the digital asset recorded 117.36 million circulating supply. That number dwindled significantly to just 869,000 at press time.

Addresses for the crypto also decreased, from 2,747 to 2,407, although the decline seems to be insignificant.

Negativity just seems to keep on piling for MATIC, as its social volume is also on a downward trend, indicating the crypto community is not that enthusiastic with the asset’s future.

The token is currently sitting on an almost-insignificant social dominance of 0.023%, several steps behind the 1.589% it tallied on September 21, 2022.

MATIC total market cap at $7.21 billion | Featured image from The Daily Hodl, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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.