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The native cryptocurrency of Polygon, MATIC, has started seizing the attention of crypto investors with its latest rally against Bitcoin. Lately, the price of MATIC has been on the upward side with the recent collaborations and partnerships of Polygon with tech giants. Given this trend, at one point, the crypto even hit the mark of $1.
Read ahead as we analyze the price activity of MATIC against Bitcoin, examine its latest price movements, and have a look at its price predictions.
Polygon (MATIC) Price Analysis
Polygon (formerly known as Matic Network) is a well-designed and user-friendly platform for Ethereum scaling. It is powered by an Ethereum token, which is known as MATIC. The platform ensures quicker and less expensive transactions on the Ethereum network by using blockchains, such as Layer 2 sidechains.
These Ethereum tokens can be put into a Polygon smart contract, used throughout Polygon, and afterward released back into the Ethereum main chain. At the time of writing, the price of Polygon (MATIC) is $0.91 and has witnessed a jump of around 0.77% in the last 24 hours.
The all-time high price of this token stands at $2.92. The current circulating supply of this crypto is estimated to be 8 billion, and its maximum supply stands at 10 billion MATIC tokens. With a current market capitalization of more than $7 billion Polygon (MATIC) is ranked at the 10th spot among all cryptocurrencies in the market.
Polygon has been showing great momentum on its price charts in the last quarter of this year. In the first week of November 2022, the token went as high as $1.26. Though it went down towards $0.78 during the latter half of November 2022, however, the token seems to have gained back its momentum afterwards.
The major boost to its price came after the announcement of its partnership with Meta in August. The token also came into the news when Polygon’s association with the brokerage Robinhood was announced for its latest Web3 wallet. Further, the fact that Robinhood allowed users to send and receive MATIC tokens on Polygon also provided momentum to the price of this token.
Following the good news that social media titan Meta is partnering with the blockchain network to provide its adventure into the domain of Web3 and NFTs, Polygon lately witnessed a significant spike in November.
Polygon (MATIC) Strong Performance Against Bitcoin (BTC)
Recently, after retesting a crucial diagonal resistance as support, it has been noted that Polygon appears strong in relation to Bitcoin (MATIC/BTC). At the time of writing, the MATIC to BTC conversion rate is 0.0000529 BTC. This rate has seen a rise of 0.70% in the last 24 hours. The MATIC/BTC was 0.00006391 BTC during the first week of November 2022, when Polygon crossed the mark of $1.26.
Afterwards, it even dropped to 0.000049 BTC during the mid of November. However, it picked on some momentum later on and has managed to stay around 0.000053 BTC since then. Given the current price trends of Polygon and Bitcoin, Experts are of the view that MATIC/BTC rate could go as high as 0.00007 BTC in the upcoming times.
Should You Invest in Polygon (MATIC)?
Polygon had a great run this year. The token went as low as $0.32 in the middle of June 2022; however, since then, the token has managed to pull off a great performance on its price charts. It went to the mark of $1 towards the end of July and managed to stay around the figure of $0.80 during August.
The token seems to be a good long-term investment option for crypto investors with its recent associations with Meta regarding Web3 and NFTs and the brokerage Robinhood for its exclusive Web3 wallet and usage of MATIC tokens on the Robinhood platform. As per the report of Citigroup, Polygon has the potential to be a $13 trillion metaverse economy by the end of this decade.
Even the price predictions for MATIC show it as a viable investment avenue for investors. The token is expected to reach $2.78 by the end of next year. Along similar lines, Polygon cryptocurrency price projection by some analysts forecast that MATIC will have risen to $8.19 in five years. The token is also projected to cross $11.85 by the end of this decade.
Conclusion
As far as MATIC/BTC rate is concerned, it would significantly be dependent on the upcoming price trends of Polygon and Bitcoin. Polygon’s recent price rise and its associations with some leading organizations may have placed it on the wishlist of many investors; however, it is important to analyze its recent price movements, history, market condition, and a lot of things before making any investment call.
Considering that the crypto markets are volatile and subject to risks, it is essential to do thorough background research before investing your money.
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