Polygon Spikes 6.5% In Last 24 Hours As MATIC Investors See Bullish Momentum

Christian Encila

Last Updated: October 5, 2022 3:17 pm

3 mins read

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Polygon (MATIC) is currently having a rally of its own as it recovered from its range low of $0.721 recorded last September 22.

MATIC is the only asset in top 20 cryptocurrencies to record double-digit gains for the past week
Buyers are back and so is the buying pressure, propelling the asset to go higher
Polygon now has two versions of SynFutures mainnet

At press time, data from CoinGecko shows the crypto is trading at $0.837 and has been up by 13.1% for the last seven days.

Among the top 20 cryptocurrencies based on market capitalization that includes Bitcoin, Ethereum, XRP and Cardano, MATIC is the only one to register double-digit price increase for the past week.

Analysts believe that this bullish rally now indicates that buyers are back, exerting tremendous buying pressure causing the asset to climb higher for the past days.

Polygon Uptick Has Other Reasons, Too

The month of October this year is starting to shape up as a friendly one for cryptocurrencies, paving the way for bounce-backs of different levels.

Bitcoin, for example, currently changes hands at $20,237 while altcoin king Ethereum is trading at $1,354.

Both assets are performing better compared to how 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%.

This suggests that investors are putting faith in this bullish run in hopes of gaining profit this month of October.

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

MATIC Joins Elite Company As Polygon Gets Busy

A recent report released by Santiment mentioned MATIC as one of the digital currencies that are registering increase in unique network addresses.

It ranks the crypto 5th behind Bitcoin, Ethereum, Litecoin and Tether.

This could mean investors are finally paying more attention to the carbon-neutral project, potentially triggering the recent uptick, which at one point reached 6.5% in a span of 24-hours.

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

The second version of SynFutures mainnet was recently launched on the MATIC network, making it the first ever system to do so.

This is good news for investors, as it will give them more chances of accessing derivative market by utilizing the SynFutures protocol.

MATIC total market cap at $7.24 billion on the daily chart | Source: TradingView.com

Featured image from Zipmex, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.