Polygon Spikes 6.5% In Last 24 Hours; Investors See Bullish Run

Polygon (MATIC), currently enjoying a rally after it rebounded from the range lows of $0.721 last September 22.

  • MATIC was the only top-20 cryptocurrency asset to post double-digit gains in the past week
  • The asset is moving higher because buyers are returning and the purchasing pressure is increasing.
  • Polygon has now two SynFutures mainnet versions

CoinGecko data shows that the cryptocurrency is currently trading at $0.837, and has risen by 13.1% over the past seven days.

MATIC, the highest-priced cryptocurrency based on its market capitalization which also includes Bitcoin and Ethereum as well as XRP, XRP, Cardano, is the only one that has seen a double-digit increase in price over the past week.

Source: Coingecko

Analysts think that the bullish rally is a sign that buyers have returned and are exerting enormous buying pressure, causing the asset’s rise to higher levels over the last days.

Polygon Uptick has Other Motives.

The month of Octubre is beginning to look more friendly for cryptocurrency, opening the doors for bounce backs on different levels.

Bitcoin is currently worth $20,237, while the altcoin king Ethereum trades at $1,354.

These assets perform better than they did last month.

While the recovery of the pack leaders may contribute for Polygon’s rally, there seems to be other reasons that fuel this run.

A quick glance at MATIC’s market value to realized value (MVRV), which currently stands at 1.924%. 

Investors are placing their faith in the bullish trend in October in order to gain profit.

An asset’s MVRV can be utilized to determine if price is above or below fair value in order to measure market profitability.

Polygon Goes Busy as MATIC Joins Elite Company

Santiment recently released a report naming MATIC among the digital currencies that are experiencing an increase in unique network address.

It is ranked the 5th in crypto.ThBehind Bitcoin, Ethereum and Litecoin is Tether.

Investors may be paying closer attention to carbon neutral projects, possibly triggering the current uptick of 6.5% within 24 hours.

Polygon is also not lacking in network activity as it becomes busy amid its token’s resurgence.

SynFutures’ second mainnet version was launched recently on the MATIC network. This makes it the first system ever to do this.

This is good news to investors as they will have greater access to the derivative markets by using SynFutures.

MATIC Total market Cap at $7.24 Billon on Daily Chart | Source: TradingView.com

Featured Image from Zipmex Chart: TradingView.com

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