Polygon (MATIC), the 11th-ranked cryptocurrency by market cap, has been exhibiting a bullish trend over the last 24 hours, achieving new highs since August with an astonishing gain of over 24%.
According to the statistics from CoinMarketcap, the token increased in value rapidly today and broke through its $1 threshold, which it had been at since August this year. Additionally, the token has demonstrated a considerable growth of about 27.88% in the past seven days.
The previous two days have seen MATIC steadily increase in value as the latest positive news comes out of Instagram and banking giant JPMorgan.
In addition, the company’s analytics team speculates that the fact that whales’ MATIC holdings increased to over 10 million in the middle of October may have “foreshadowed” the peak in transaction volume.
However, on November 2nd, the parent company of Instagram, Meta, selected Polygon to launch its latest non-fungible token (NFT) tools, allowing users to create and trade digital collectibles “both on and off Instagram.”
Meanwhile, one of the world’s largest banks- JP Morgan- employed Polygon to conduct its first live transaction worth about $71,000. It was an important milestone for cryptocurrency integration into traditional financial frameworks.
Polygon (MATIC) Upside Ride
MATIC tokens started gaining momentum in early February when they rose to new price levels. They spiked by 602% after four weeks, going up from $0.35 to a record high of $2.45 during that period. In May, they dropped to $1.09 before rebounding to $2.21 at the end of the month.
The coin price suffered after reaching its peak in May and experienced a wild journey. When it was announced that the top Ethereum app, Uniswap, has released on Polygon, it then reached a new record high of $2.92 on December 27th, 2021.
Since then, as seen in the graph above, the token’s price has fallen more than 61.0% from its all-time high, falling to $1.3802 in March 2022 amid the global crypto market crises.
Nevertheless, announcing a partnership with Polygon for its new Web3 wallet and enabling users to send and receive MATIC on its brokerage, Robinhood, helped the token again gain momentum in October.
Coinmarketcap’s data indicates that the token steadily rose in price throughout October, and as the new month of November starts, it becomes bullish following the aforementioned exciting news.
Furthermore, as per Nomics data, the market capitalization of MATIC has grown by about 24% during the past 24 hours, and the volume of trade during that time has also significantly increased by approximately 67%.