The crypto market has been showing signs of recovery during the first two months of 2023. We witnessed cryptocurrencies that gained more than 100% within that period. Matic is one of the cryptocurrencies that outperformed other major cryptocurrencies such as Cardano (ADA) and Dogecoin.
This post discusses the performance of Matic as compared to other cryptocurrencies in January and February 2023. We will also cover the reasons why Matic currently maintains a bullish momentum.
Matic Price Performance
Matic has been bullish since the beginning of 2023 to the extent of outperforming the other major cryptocurrencies like Dogecoin and Cardano (ADA). For example, the price gained by 50% in a 30-day period that ended on 18 February 2023.
Notably, the price of most Polygon–based tokens increased remarkably during that period. COVO, which posted an 85% increase within the week ending 18 February, is a good example of the Polygon-based token that rallied during January and February 2023.
Polygon (Matic) Price for February 2023- CoinGecko
As observed in the diagram above, Matic rallied from the beginning of February to reach its monthly peak on 18 February when it clocked $1.55. As of 27 February Matic’s price was $1.24 and it remained bullish.
Polygon (Matic) Flipped Dogecoin as it looks to Cardano
Polygon, with a market capitalization of over $10.13 billion, and currently ranked number 10 on Gate.io price ranking, a little lower than Binance USD (BUSD) and Dogecoin.
Polygon (Matic) Market Cap – Gate.io
Matic shows a bullish trend
There are several reasons why Matic has maintained a bullish momentum since the beginning of the year. As you will see later, some market analysts believe that the Polygon Matic price will continue to rise during the first quarter of 2023.
The main reason for the sustained bullish momentum is the growth of the Polygon network since it is a layer-2 blockchain that supports the Ethereum network. Its key function is to increase the scalability of the Ethereum blockchain, lower the transaction fees as well as enhance the network security.
As a result, many decentralized applications, lending platforms, and decentralized exchanges keep on migrating to the Polygon blockchain. An increase in the adoption of the network shows its importance in the DeFi sector.
Another important contributor to the Matic bullish momentum is the recent announcement of zkEVM as well as Polygon’s partnership with Reddit. These two developments have attracted investors to invest in Matic.
More specifically, Reddit has developed its series of Super Bowl Collectible Avatars on the Polygon blockchain. Considering the number of Reddit users, it becomes common sense that the demand for Matic will remain high for a long period. Also, the partnership resulted in all-time-high daily mints of Reddit Collectible Avatars within the first two months of 2023.
As mentioned, the launch of the zkEVM on the Polygon network is a strong promise that the blockchain will bring many benefits to the users. The zkEVM is a unique Layer 2 solution that uses zero-knowledge proofs to secure transactions and increase throughput.
The zkEVM also enables developers to launch their Ethereum Virtual Machine (EVM) compatible Smart Contracts on the blockchain. As developers deploy more applications on the blockchain the demand for Matic will increase.
Likewise, the greater adoption of cryptocurrencies leads to a rise in the demand for Matic and the subsequent increase in its price. Primarily, many investors prefer Polygon to other networks because it has more secure, faster, and cheaper transactions.
Matic Price Prediction
We have noticed that Matic has positioned itself as an attractive cryptocurrency due to its security and cheap transaction cost. As a result, many market analysts have predicted that it will have a positive price movement in the next two years. However, from time to time, it will experience price dips like any other cryptocurrency.
First, PricePrediction expects the price of Matic to increase over the next two years. It predicts that the Polygon Matic price will be around $1.99 by the end of 2023. With that momentum, its value is likely to range between $2.44 and $2.82 in 2024. It further expects the price of Matic to fluctuate between $ 3.45 and $4.14 in 2025.
Bitcoinwisdom has similar price predictions for Matic for 2024 and 2025. It predicts that Matic price will be $1.88 by the end of 2023 and will range between $2.50 and $2.75 in 2024. It further expects Matic to have an average price of $4.00 in 2025, with a possible minimum price of $4.14.
The greatest take from the above predictions is that Matic is likely to maintain an upward price momentum. It is also possible that its price will fluctuate between $2.44 and $3.45 in 2024. And its average price for 2025 should be around $4.00.
Understanding Polygon (Matic), Dogecoin, and Cardano
Matic: It is the native cryptocurrency of the Polygon blockchain which offers layer-2 solutions to the Ethereum network.
Dogecoin: Created by Billy Markus and Jackson Palme, Dogecoin is a popular meme coin that acts as a payment system. Like any other cryptocurrency, it is also a digital investment asset.
Dogecoin – CNBC
Cardano (ADA): This is a native coin for the Cardano blockchain which hosts different decentralized applications.
How To Buy Matic on Crypto Exchange
There are just a few steps to purchase Matic on a crypto exchange such as Gate.io. The first step is to open and verify an account on the exchange. After that, you fund your wallet using any major cryptocurrencies like USDT ETH or Bitcoin. The good thing is that you can buy the major currencies using a credit card or bank transfer.
The next step is to visit the Spot Trade section where you convert your major cryptocurrency such as USDT to Matic. The important thing is to state the amount of Matic you want to buy, then click the “buy Matic” command as shown in the diagram.
Once you click “buy Matic” the transaction is processed.
Conclusion
Polygon (Matic) is one of the best-performing top 10 ranked cryptocurrencies which has already flipped Dogecoin in recent weeks. Based on its current performance, it is likely to surpass Cardano in the near future. Plus, its recent partnership with Reddit and the announcement of its zkEVM are the key reasons for its current price spike.
DISCLAIMER: This article is not intended as financial advice. Educational purposes only.
