Polygon is a well known cryptocurrency, with the symbol MATIC. It is also a technology platform that empowers blockchain organizations to interface and scale. Polygon was first introduced in the name Matic Netwrok in 2017.
The entire network of Polygon works utilizing the Ethereum blockchain and interfaces Ethereum-based projects. Utilizing the Polygon platform can build the adaptability, versatility, and power of a blockchain project while as yet bearing the cost of the security, interoperability, and underlying advantages of the Ethereum blockchain.
MATIC is an ERC-20 token, implying that it’s viable with other Ethereum-based crypto currencies. MATIC is utilized to administer and secure the Polygon network and to pay network exchange charges.
The recent bullish rally in Polygon(MATIC):
Polygon (MATIC) is right now having its very own rally as it recuperated from its lowest range of $0.721 which was recorded last September 22. According to the data shown at CoinGecko, the crypto is exchanging at $0.837 and has been up by 13.1% throughout the previous seven days. Among the main 20 crypto currencies in view of market capitalization that incorporates Bitcoin, Ethereum, XRP and Cardano, MATIC is seen as the only coin to enlist double-digit price increment for the past week. As per the expert’s opinions, this bullish move demonstrates that the coin buyers are back in the market, applying colossal purchasing pressure making the asset move higher for the past days.
After the so called “September effect” on all the coins, the month of October this year is beginning to take care of the crypto currencies. The coins are all set to recover and bounce back at various levels. One of the biggest crypto “Bitcoin”, for instance, is at the price of $20,237 while Ethereum is at $1,354. This clearly shows that October is going to be better than the previous month for the entire crypto community.
While the recovery of the crypto kings contributes for Polygon’s bullish movement, there are some other different reasons that fuel this run. A quick look at MATIC’s MVRV, which presently stands at 1.924%. This indicates that financial investors are actually placing their trust in this bullish run for acquiring benefit in this month of October.
So, if you are one of those who are looking forward to buy this coin then it’s the high time to invest in it. However, we suggest you all to do your own research and then decide what’s best for you.