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MATIC Price Rises 52% In 24 Hours: Find Out Why Is MATIC(Polygon) Rising When The Market Is Down
While the crypto market has been down over the past few days, two cryptocurrencies, Matic/Polygon (MATIC) and Cardano have seen significant gains. When Bitcoin, Ethereum and other major cryptocurrencies were suffering losses, Matic and Cardano emerged as unlikely winners. As per the WazirX price chart, the Matic price has gone up nearly 30 per cent in a span of 24 hours. Matic has seen major growth in 2021. Read on to know why is Matic rising.
Why is MATIC Price Rising?
Matic has turned out to be one of the most profitable cryptocurrencies for investors in 2021. Many crypto experts believe MATIC is an excellent choice for crypto investors with the potential for its price to go even higher. Crypto groups on Reddit believe the price of MATIC could go up to $10 by the end of the year. The rise in the price of Matic is mainly linked to rising in popularity of Ethereum. Matic/Polygon is a highly scalable L2 Network for Ethereum that drastically reduces transaction fees for users looking to transfer cryptocurrencies. Matic/Polygon has a lot of advantages over other networks in terms of scalability, security and user experience. Matic/Polygon is working with a lot of companies and a ton of interesting projects that you can check out on their website – https://matic.network/.
1/ Dear Matic Network supporters and beloved crypto community,— Polygon (previously Matic) (@0xPolygon) February 9, 2021
Today is a big day for our project! 🤗
We are excited to announce that we are expanding our mission and technology scope and becoming Polygon – Ethereum’s Internet of Blockchains. 🦄💫 pic.twitter.com/5SfpJtGKcE
Matic is used by crypto investors to transfer their crypto funds over the Ethereum network, at very little fees and at very high speeds. Transferring crypto directly through the Ethereum network takes a long time and the fees are also quite expensive, depending on the load on the Ethereum network. Matic solves these inherent problems of the Ethereum network for the people looking to make crypto transfers. Many people have started to use MATIC as a cheaper alternative to moving cryptocurrencies, as the Etherum network remains congested and expensive 24×7. Many crypto experts believed MATIC had been undervalued for a long time, considering the important value and function it provides at virtually no cost. Moreover, the recent merger of MATIC and Polygon has brought a lot of publicity to the coin, which has also contributed to the rise in price.
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