Polygon (MATIC) is currently having a rally of its own as it recovered from its range low of $0.721 recorded last September 22.<\/p>\n
MATIC is the only asset in top 20 cryptocurrencies to record double-digit gains for the past week
\nBuyers are back and so is the buying pressure, propelling the asset to go higher
\nPolygon now has two versions of SynFutures mainnet<\/p>\n
At press time, data from CoinGecko shows the crypto is trading at $0.837<\/a> and has been up by 13.1% for the last seven days.<\/p>\n 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.<\/p>\n Source: Coingecko<\/p>\n 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.<\/p>\n Polygon Uptick Has Other Reasons, Too<\/p>\n 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.<\/p>\n Bitcoin, for example, currently changes hands at $20,237 while altcoin king Ethereum is trading at $1,354. <\/p>\n Both assets are performing better compared to how they did last month.<\/p>\n While the recovery of the pack leaders may contribute for Polygon\u2019s rally, there seems to be other reasons that fuel this run.<\/p>\n A quick glance at MATIC\u2019s market value to realized value (MVRV), which currently stands at 1.924%.\u00a0<\/p>\n This suggests that investors are putting faith in this bullish run in hopes of gaining profit this month of October.<\/p>\n An asset\u2019s MVRV can be utilized to determine if price is above or below fair value in order to measure market profitability.<\/p>\n MATIC Joins Elite Company As Polygon Gets Busy<\/p>\n A recent report released by Santiment mentioned MATIC as one of the digital currencies that are registering increase in unique network addresses. <\/p>\n It ranks the crypto 5th behind Bitcoin, Ethereum, Litecoin and Tether.<\/p>\n 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.<\/p>\n Polygon is also not lacking in network activity as it becomes busy amid its token\u2019s resurgence.<\/p>\n The second version of SynFutures mainnet was recently launched on the MATIC network, making it the first ever system to do so.<\/p>\n This is good news for investors, as it will give them more chances of accessing derivative market by utilizing the SynFutures protocol.<\/p>\n\n MATIC total market cap at $7.24 billion on the daily chart | Source: TradingView.com<\/a><\/p>\n Featured image from Zipmex, Chart: TradingView.com<\/a><\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Polygon (MATIC) is currently having a rally of its own as it recovered from its range low of $0.721 recorded last September 22.<\/p>\n MATIC is the only asset in top 20 cryptocurrencies to record double-digit gains for the past week At press time, data from CoinGecko shows the crypto is trading at $0.837<\/a> and has been up by 13.1% for the last seven days.<\/p>\n 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.<\/p>\n Source: Coingecko<\/p>\n 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.<\/p>\n Polygon Uptick Has Other Reasons, Too<\/p>\n 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.<\/p>\n Bitcoin, for example, currently changes hands at $20,237 while altcoin king Ethereum is trading at $1,354. <\/p>\n Both assets are performing better compared to how they did last month.<\/p>\n While the recovery of the pack leaders may contribute for Polygon\u2019s rally, there seems to be other reasons that fuel this run.<\/p>\n A quick glance at MATIC\u2019s market value to realized value (MVRV), which currently stands at 1.924%.\u00a0<\/p>\n This suggests that investors are putting faith in this bullish run in hopes of gaining profit this month of October.<\/p>\n An asset\u2019s MVRV can be utilized to determine if price is above or below fair value in order to measure market profitability.<\/p>\n MATIC Joins Elite Company As Polygon Gets Busy<\/p>\n A recent report released by Santiment mentioned MATIC as one of the digital currencies that are registering increase in unique network addresses. <\/p>\n It ranks the crypto 5th behind Bitcoin, Ethereum, Litecoin and Tether.<\/p>\n 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.<\/p>\n Polygon is also not lacking in network activity as it becomes busy amid its token\u2019s resurgence.<\/p>\n The second version of SynFutures mainnet was recently launched on the MATIC network, making it the first ever system to do so.<\/p>\n This is good news for investors, as it will give them more chances of accessing derivative market by utilizing the SynFutures protocol.<\/p>\n MATIC total market cap at $7.24 billion on the daily chart | Source: TradingView.com<\/a><\/p>\n
\nBuyers are back and so is the buying pressure, propelling the asset to go higher
\nPolygon now has two versions of SynFutures mainnet<\/p>\n