In the crypto market turmoil, Polygon (MATIC) is seen holding at a comfortable level.
MATIC previously saw a 274% price jump from $ 0.76 to $ 2.87.
However, the depreciation of Bitcoin (BTC) also dragged the MATIC, down 64% to hit $ 1.01, before recovering as the price of the crypto king continued to decline.
At the time of writing, MATIC is trading at $ 1.36, up nearly 17% in 24 hours.
The strengthening of MATIC is none other than driven by the strength of the Polygon network.
Based on records, the market value of MATIC stood at $ 8.16 billion, driven by the number of wallet addresses that had a minimum balance as of last week reaching a high of 81.83 thousand. Meanwhile, for a year-to-date (YTD) record, MATIC received 61,720 new investors.
More people joining the network means increased activity on the Polygon network, followed by increased demand for Dapps development.
Indirectly, the number of transactions increased 47 -fold for the YTD record and MATIC prices have soared 96 -fold, in line with the development of Polygon.
Through strengthened support, making MATIC less and less dominated by Bitcoin. In fact, it is not an exaggeration to describe this currency as capable of strengthening on its own and becoming an alternative to investors.
