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

Christian Encila

2 years ago

3 mins read

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.

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.

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: 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.