Polygon’s MATIC Rallies to ATH Right After Crashing 73% Following Mark Cuban’s Backing
While MATIC rose to almost $2.4 during its latest run-up, near its ATH at $2.7 from last week, layer 2 solution Arbitrum, which doesn’t have a token, is ready to release its mainnet for developers this week.
The crypto market is making a stellar recovery this week after the brutal correction last week. Leading this recovery is none other than MATIC, which has been rallying pretty hard before the pullback as well.
Up about 13,000% YTD, MATIC made its all-time high at just above $2.7 on May 18. The very next day, it succumbed to the selling pressure as Bitcoin crashed to $30k on Black Wednesday, taking the entire crypto market down with it.
MATIC found its bottom at $0.74 on Sunday, down 72.6% from its ATH, in line with another big correction that particularly affected Ether which tumbled to $1,725 and altcoins, many of which tanked a whopping 90-95%.
The very next day, yet again, MATIC prices went berserk and hit nearly $2, and today the coin is aiming for its ATH yet again, going to almost $2.4.
MATIC, the native token of Polygon, previously known as Matic, is currently the 13th largest coin with a market cap of $14 billion, as per CoinGecko. The coin is seeing $9.8 billion in 24-hour volume, the fourth-highest after Tether (USDT), Ethereum (ETH), Bitcoin (BTC), and Ethereum Classic (ETC). BTC -4.47% Bitcoin / USD BTCUSD $ 42,162.24
-$1,884.65-4.47% Volume 41.05 b Change -$1,884.65 Open $42,162.24 Circulating 18.82 m Market Cap 793.7 b 50 min Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 1 h Twitter Chooses “Global, Barrier-Less Option” for Tipping and to Help Creators Join the “Decentralized Internet” 1 h JPMorgan says Institutional Investors Have Shown A 'Strong Preference' for Ethereum Over Bitcoin Since August ETH -7.70% Ethereum / USD ETHUSD $ 2,887.39
-$222.33-7.70% Volume 24.46 b Change -$222.33 Open $2,887.39 Circulating 117.66 m Market Cap 339.72 b 50 min Cryptocurrency Market Tanks on the Same Old China Ban News, But Investors Who Sell Here Will End Up “Bummed” 1 h JPMorgan says Institutional Investors Have Shown A 'Strong Preference' for Ethereum Over Bitcoin Since August 20 h 1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees ETC -8.18% Ethereum Classic / USD ETCUSD $ 46.79
-$3.83-8.18% Volume 988.77 m Change -$3.83 Open $46.79 Circulating 130.25 m Market Cap 6.09 b 2 w Robinhood Trading App Rolls Out “Dollar Cost Averaging” for Crypto Investments 2 w Crypto Market Dips and Over 165k Traders Get Liquidated for More Than $890 Million 1 mon South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps
This latest uptick in MATIC prices came after the Ethereum scaling solution gained funding from billionaire investor Mark Cuban who has been taking special interest in the cryptocurrency market this year.
“Mark Cuban is one of the most prolific and insightful investors with investments in top startups, and he is also one of the Sharks on Shark Tank. We're proud to share that Polygon is now part of the Mark Cuban company portfolio!” noted the project team.
— Sandeep – Polygon(prev Matic Network) (@sandeepnailwal) May 25, 2021
The project, which was rebranded as Polygon in February this year, aims to support multiple layer 2 solutions such as Optimistic Rollups (OR), zkRollups (ZKR), and Validium and effectively become an L2 aggregator.
The side chain currently has $10.6 billion of total value locked (TVL) in it as the project gains traction amidst the lack of working layer 2 solutions in the market.
However, this is soon going to change as layer 2 solution Arbitrum gets ready to release its mainnet this week. The project has no token.
An Optimistic Rollup built to scale Ethereum; the community is awaiting Arbitrum with much anticipation, which will open its mainnet to developers on May 28.
Two big projects AMM SushiSwap and oracle Chainlink, have already announced their plans to deploy on Arbitrum once it goes live. SUSHI -7.95% SushiSwap / USD SUSHIUSD $ 9.59
-$0.76-7.95% Volume 430.01 m Change -$0.76 Open $9.59 Circulating 127.24 m Market Cap 1.22 b 20 h 1Inch Moves to Arbitrum For Faster Throughput And Lower Gas Fees 4 d Even Ethereum Layer 2 Solutions Are Earning Significantly Higher Fee Revenue than Bitcoin 1 w AVAX Hits A New ATH as 3AC and Polychain Lead $230M Investment to Accelerate DeFi on Avalanche
Decentralized perpetual swap platform MCDEX shared that they have been testing on Abribitrum testnet for a while, and feedback revealed that it made user experience on its V3 protocol on par with centralized exchanges and gas costs were “immensely” cheap — “up to 100x cheaper comparing to Ethereum mainnet” — along with smooth and fast transactions.