Polygon (Matic) Increases by 60% In Seven Days and by 16% In 24 Hours

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Polygon

Since the beginning of the year, the cryptocurrency market has had a difficult time. However, things appear to be improving for coins such as MATIC. Over the last seven days, the cryptocurrency has gained more than 60%, with a 16.6 percent gain in the last 24 hours. Matic is currently worth around $0.89.

Read also: Aave releases an open-source framework for social networking DApps on Polygon

MATIC’s price is currently rising for several reasons:

Analysts’ Optimism Has Increased

Crypto analysts have recently expressed a lot of optimism about Matic. As customary, such positive expressions boost investor confidence and drive demand. Increased demand leads to an increase in price.

The Market is Improving

As previously stated, the cryptocurrency market has been beating in recent months. The failure of the Terra Luna and UST exacerbated the situation. However, things appear to be improving. This has a positive effect on Matic.

DeFi is Expanding Polygon

The number of DeFi protocols on Polygon is growing. In addition, Matic is the native cryptocurrency on the blockchain network, so its demand will rise in tandem with its price. Polygon’s total value is estimated to be around $1.76 billion.

Collaborations

Polygon has worked with several entities in the blockchain and cryptocurrency industries. For example, on July 15th, the network partnered with Disney and was selected for the Disney Accelerator Program for 2022. In the NFT field, it has also collaborated with Flipkart Firedrops.

Another thing the team says is that they will reveal the most important thing in 2022. Such surprises always positively impact the coin price because investors buy the coin in anticipation of some major announcements.

Related article: Polygon (MATIC), a Scalable Blockchain Hub Centered on Ethereum (ETH)

Increased Matic Staking Across Multiple Platforms

Several crypto-related platforms now offer Matic staking options, increasing the coin’s popularity and adoption. Users who stake their Matic coins earn rewards in the form of cryptocurrency.

For these reasons, Matic has increased in both price and popularity. However, it is unclear whether this upward trend will continue or how far the coin will go before the bull run ends.