Polygon MATIC/USD traded 2.19% higher at $2.32 over 24 hours leading up to Wednesday night.
What’s Moving? The token associated with the Ethereum Layer 2 project has shot up 13.5% over a seven-day trailing period.
Over 24 hours, against Ethereum ETH/USD, MATIC rose 0.02%, while it rose 2.99% against the apex cryptocurrency Bitcoin BTC/USD.
In the past 30 days, MATIC has gained 23.53%, while its gains over a 90-day period amount to 63.58%.
MATIC has skyrocketed a whopping 12949.24% on a year-to-date basis, putting the coin among the best performers so far this year. Polygon's market cap of $16.46 billion puts it at the fourteenth spot on the list arranged by CoinMarketCap.
Even so, MATIC is trading 13.27% below the all-time high of $2.68 it touched in May this year.
See Also: How To Buy Polygon (MATIC)
Why Is It Moving? MATIC moved higher alongside Ethereum at press time as the global cryptocurrency market cap rose 0.96% to $2.63 trillion.
MATIC was among the top mentioned coins on Twitter at press time. It attracted 1,849 tweets.
The top three most mentioned coins on the social media platform were Bitcoin, Dogecoin, and Solana, which attracted 7,511, 5,308, and 4,547 tweets, respectively.
MATIC rose amid news of collaborations. On Wednesday, it was announced that Polygon was integrating into the cross-chain, decentralized and non-custodial framework of 123swap platform.
On Tuesday, blockchain interoperability solution Wanchain tweeted that Polygon and Wanchain were teaming up to launch a decentralized Layer 2-to-Layer 2 crosschain bridge connecting Polygon and Arbitrum.
@0xPolygon and #Wanchain are teaming up to launch a decentralised Layer 2-to-Layer 2 crosschain bridge connecting @arbitrum and Polygon PoS!
— Wanchain (@wanchain_org) December 7, 2021
This bridge enhances Polygon’s growing suite of solutions including Hermez, SDK and Avail.
Read more https://t.co/sL1hpzWKur
“This Layer 2-to-Layer 2 bridge will complement and enhance Polygon’s growing suite of solutions, including Polygon Hermez, Polygon PoS, Polygon SDK, and Polygon Avail,” Wanchain said in a blog.
Polygon has been rising this year on the back of the growing popularity of non fungible tokens, decentralized finance, and smart contracts, which have pushed Ethereum transaction fee skywards.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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