Cryptocurrency

Strong Polygon rally outperforms Bitcoin, other large caps

According to data compiled by CryptoSlate, Polygon (MATIC) has outperformed other large-cap stocks in Bitcoin terms since November 4.

Moreover, the trend continues to persist in an essentially flat market, with bullish sentiment returning to the Ethereum Layer 2 chain.

Polygon outperforms other tokens against Bitcoin
Source: CryptoSlate.com

Drilling down into the weekly MATICBTC price chart, the current price of 0.00006085 hits a 77-week high against the major cryptocurrency.

The performance is particularly noteworthy given that Bitcoin topped $21,000 for the first time since mid-September during this period, and Bitcoin’s dominance of over 40% of the total cryptocurrency market.

Polygon BTC Weekly Chart
Source: MATICBTC on TradingView.com

polygon of tears

The dollar-denominated Polygon price has been rising since September 22nd and is supported at $0.6990.

A 26% spike on Friday 4 November drove MATIC decisively above the $1.04 resistance to close at $1.17. After a lull over the weekend, it rose further on Monday, with the price he climbed to $1.2789, but he failed to retest the $1.3079 resistance at press time two days ago.

polygon daily chart
Source: MATICUSD on TradingView.com

Since the local bottom on September 22nd, Polygon’s value has increased by 80%. While current prices are well below both all-time highs and first-year values, some fundamental developments are fueling investor expectations.

basic development

On November 2, investment bank JP Morgan announced that it had executed its first live trade on Polygon Chain as part of the Monetary Authority of Singapore’s (MAS) Project Guardian pilot program.

“Project Guardian is an initiative of MAS with financial institutions such as JP Morgan, Marketnode and DBS Bank Ltd. Its focus is asset tokenization and DeFi use cases.”

Additionally, Instagram’s parent company, Meta, also recently announced a partnership with Polygon. The social network is rolling out a pilot program in the US to create and sell his NFTs directly through the Instagram platform.

“Creators will soon be able to create their own digital collections on Instagram and sell them to fans on and off Instagram.”

Meta said it plans to expand the program to other jurisdictions soon.

Following these announcements, Polygon co-founder Sandeep Nailwal cautioned other large-cap stocks, saying that Polygon “will not rest” until it rises to the third spot by market capitalization.

Polygon is currently in 11th place (including stablecoins), trailing Solana in 10th place.

Posted In: Polygon, Analysis

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