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MATIC, the native cryptocurrency of the Polygon blockchain network has been on a gaining spree. The cryptocurrency gained over 40 per cent over the past week despite bear market sentiments.
The cryptocurrency was trading at $0.5542 last Monday (July 11) morning. The token zoomed to $0.80 at 10:00 AM IST this Monday, CoinMarketCap data showed. The token showed a 43.82 per cent uptrend over the past seven days.
The MATIC token was up 9.84 per cent at 10:00 AM IST and had a live 24-hour trading volume of $981,524,186. The live market cap of the cryptocurrency was $6,385,801,153.
MATIC has a circulating supply of 8,006,803,853 coins and a maximum supply of 10,000,000,000 coins.
Why is MATIC rising?
The MATIC token is on a gaining spree because of 5 key reasons:
Positive forecast by analysts
Traders and analysts have bestowed their favour to MATIC after forecasting a positive outlook on the token based on technical and fundamental analysis. Sharat Chandra, crypto markets commentator told Business Today, “MATIC token is expected to shift towards resistance at the $0.75 level.”
Recovery in crypto markets
The crypto markets are in a recovery mode, after the financial rout that took place in the past few months. Bitcoin’s rebound above $21,000 has given tailwinds to altcoins like MATIC which has surpassed the average growth rate of all crypto tokens over the last week. The MATIC token has breached its 50-day exponential moving average.
Number of DeFi protocols on Polygon rise
The number of crypto-projects on Polygon, including decentralised finance protocols, has increased, leading to wider adoption of the blockchain network. RociFi, a permissionless credit protocol, and WOO network’s multi-chain decentralized exchange are the latest additions to the network.
More platforms provide MATIC staking options
The crypto’s long-term outlook remains positive thanks to a significant increase in the number of platforms that provide liquid staking for MATIC tokens and ensure staking rewards for MATIC HODLers. This means users who hold the cryptocurrency for the long term would be rewarded with incentives.
Polygon’s latest collaborations
As previously reported by Business Today, Polygon has announced three big collaborations in the past week. They announced their selection in Disney’s 2022 Accelerator Program, the launch of the Nothing Phone which has Web3 capabilities, and a partnership with Flipkart’s Firedrops for the airdrop of the Community Dots NFT collection, which is hosted on the Polygon network.
Also Read: MATIC crypto zooms 20%, Polygon Joins Disney’s 2022 Accelerator Program – BusinessToday
Also Read: Bitcoin reclaims $21,000, Polygon rallies 6% as crypto markets recover after rout – BusinessToday
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