Crypto News

Polygon sets new all-time high amid the market rally

The scaling solution hit a high of $ 2.66 on Wednesday.

The central theses

  • the MATICPolygon’s token hit a price of $ 2.66 for the first time on Wednesday.
  • While polygon as an inexpensive way to access DeFi started, it has since grown like other apps Blockchain-Gaming facing.
  • Polygon’s acquisition and development of ZK roll-up scaling solutions has made it a great choice for those looking to invest in the technology.

Polygon has its previous one All time high broke from $ 2.62 after rallying 64% last month.

Polygon hits new highs

Polygon closes 2021 in bullish form.

the Ethereum Scaling solution’s token rose 14.4% yesterday, hitting a new all-time high of $ 2.66. It has since cooled down and is trading at $ 2.61 at the time of writing.
Polygon sets new all-time high amid the market rally, Crypto Trading NewsMATIC / USD price chart

MATIC’s previous all-time high of $ 2.62 was hit seven months ago in May, just days before the cryptocurrency market saw its most brutal sell-off of the year. Since then, the token has gone into a long period of accumulation, bringing it down to lows of $ 0.69 in July.

However, when the broader market rallied in August, showed Polygon strength again and steadily climbed back to its price level before the crash in the second half of the year.

During Polygon’s spring rally, mainly Ethereum DeFi projects are launched in the chain and have since expanded to other use cases. Blockchain gaming has on Polygon, with over 70% of the unique active wallets on the network, playing blockchain games starting November 5th.

In addition, Polygon has focused on new and improved scaling solutions using zero knowledge rollups. In addition to its own ZK rollup, Miden, Polygon has acquired two other scaling solutions, Hermez and Mir, and used its $ 1 billion treasury fund to acquire ZK-based projects.

Another development that played a role in the introduction of Polygon is its interoperability with other chains. Several new bridges have been built in the past few months, allowing users to make quick money from. to send Ethereum Layer 2 solutions and dedicated Layer 1 chains to and from Polygon at low cost.

More recently, Ethereum’s largest decentralized exchange by volume, approved a governance proposal in support of the polygon blockchain. When Uniswap eventually launched on Polygon, it could potentially trigger a DeFi renaissance and bring more liquidity to the network.

If he MATIC-Token will continue its current rally remains to be seen, although the broader crypto market has shown itself after a few shaky weeks in the past few days. However, with the excitement surrounding ZK rollup-based Ethereum scaling up, Polygon appears to be benefiting from the growth of emerging technology.

Source: Crypto News Deutsch

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