Layer 2 scaling aggregator blockchain’s native token, MATIC, has gained over 30% in the last 24 hours as the crypto market recovers from previous massive sell-off .
Referencing data collated from Coinmarketcap, MATIC, is up by over 30% in the last 24 hours. The general trend in the cryptocurrency market has an optimistic overview as Bitcoin and altcoins are up and running in the last 24 hours, this is shown in Coinmarketcap’s daily charts for its listed cryptocurrency tokens.
Crypto market Intelligence gathering and on-chain analytics firm, IntoTheBlock, observed that the large transactions taking place on various blockchains are increasing in number.
IntoTheBlock is a data science company based in the United State of America, that gathers actionable intelligence for the crypto market by applying its cutting-edge AI technologies. The company flags certain transactions that have crossed a set threshold and is considered as ‘large’ by its algorithm, it serves as a potent indicator for market whales’ transactions.
According to Polygon, potential institutional and individual investments have risen by over 50% for its MATIC token in the last 24 hours.
Large transactions have similarly risen for cryptocurrency tokens like Bitcoin, Decentraland and Ethereum, resulting in marginal price increases. The cryptocurrency market has been on an upward trend as whole in the past 24 hours, seeing polygon’s MATIC as one of the top gainers, with tokens like BitTorrent(BTT) going up by as much as 66% and Loopring’s LRC going up by approximately 37% as at press time.
Polygon’s MATIC has enjoyed marginal success since its inception in 2017 ,which is backed by its ranking on Coinmarketcap cryptocurrency token rankings. The token is ranked just behind meme sensation Shiba Inu at 13th , consolidating its position as the 13th most valuable cryptocurrency with a market cap of $16.50 billion. After decreasing to a low of about $1.60 last weekend during the crypto market wide sell-off, MATIC has subsequently readjusted and gradually climbed to reach a peak high of $2.35 today, as at press time.
Polygon’s MATIC, the Layer 2 scaling aggregated solutions continue to benefit from Ethereum’s increasing network transaction fees (gas fees).
Cryptocurrency Market Sell-off and Imminent Correction
Amidst panic due to COVID-19 Delta and Omicron variant, the crypto market experienced a market wide sell-off that affected the ‘mother’ coin Bitcoin and other altcoins, including Ethereum , BNB amongst others. The sell-off wasn’t only peculiar to the cryptocurrency market, as the stock exchange market and the foreign exchange market also experienced massive overall bearish trends. The dump started on Dec. 4 worldwide and lasted the whole weekend, liquidating over $400 billion worth of cryptocurrency assets.
Over the last 24 hours the cryptocurrency market has started ‘correcting’ its downward trend, and has progressively started an upward trend. As of now virtually all of the tokens in Coinmarketcap’s top 120 have added value. The total market capitalization has grown by approximately 7.8% over the last 24 hours , valued at over $2.43 trillion as of press time.