MATIC Beats Top Cryptos BTC, ETH In Price Performance – Can It Sustain Tempo?
- Posted on February 11, 2023
- News
- By Mark Otto
- 273 Views
MATIC price is making investors smile and beam with confidence as it moves north. There is currently a massive demand to jack up the price of the crypto further up, as explained by veteran crypto analyst, Ali Martinez.
Here’s a quick glance of the coin’s performance:
- MATIC price is down by 1.8%
- Polygon sees increase in unique wallet addresses or as much as 50k wallets bought
- Price overtakes BTC and ETH
CoinMarketCap data shows that MATIC price is currently trading at $1.24, and down 1.81% as of this writing. The crypto has been drawing so much investor interest as of late.
Martinez said that roughly 50,000 wallets were bought right at the $1.11 price point, making it a critical support range for the token.
MATIC Eclipses BTC, ETH In Price Performance Department
MATIC has so far edged leading coins Bitcoin and Ether in the price performance category. This is viewed as a life-saver for MATIC especially as it faces some resistance.
The coin’s price has seen an increase of 54% while BTC grew by just 43% and ETH by 37%.
MATIC has also performed well last year as seen in the boom of its NFT ecosystem. Polygon’s NFT transaction has specifically flourished in December 2022. In fact, Polygon has an amazing peak to its ATH in terms of NFT transaction volume on the OpenSea platform.
Interestingly, MATIC is seen to have outperformed the giant cryptocurrencies on January 2023 not just in price but also in growth in terms of buyers and in the number of unique wallet addresses which outplayed both ETH and BNB.
This phenomenal surge has been brought about by the rolling out of a number of projects on the Polygon platform such as the Lens Protocol, Reddit Collective Avatar, and others.
MATIC Up In Terms Of Investor Confidence, Community Sentiment
With that being said, investors are seen to be bullish, especially with the partnership of Aespa, a popular K-pop group, with Dematerialized and Paper Magazine on Polygon specifically for a digital capsule collection.
The collaboration is said to help gain more visibility for Polygon specifically on the DeFi and Web3 space.
While MATIC is said to slip as it fails to break past the resistance level of $1.35, the increase in investor sentiment and surge in on-chain developments can help the token revert above the $1.19 support range.
MATIC total market cap at $10 billion on the weekend chart | Chart: TradingView.com
On the other hand, Bitcoin’s strong influence on Polygon can affect its claim of surpassing the resistance level. On the brighter side, the crypto community has ushered increased faith in MATIC, escalating its positive sentiment.
More so, the MATIC bulls can dictate further uptick in price movements especially with the emergence of both on- and off-chain developments on Polygon, making it one of the top and safe investments in the DeFi and Web3 arena.
Featured image from DriveSafe Online
Source: NewsBTC
