Polygon (MATIC): Why the Price Has Been Skyrocketing in Recent Months

In the last 15 months, cryptocurrencies have gotten a lot of traction. People are buying them and making more money than ever before. Cryptocurrencies like Bitcoin were worth $64,863 last month, but others went up to ten times that amount in March 2020.

Polygon (MATIC): Why the Price Has Been Skyrocketing in Recent Months

It’s hard to find a good coin to buy. There are many different ones you can choose from. Polygon is one of them. It can be traded for 1-2 dollars, but it has been traded for 1 dollar and 2 dollars in the last 52 weeks.

In the last 12 months, Polygon has returned 7,600%. Suppose you had $1,000 and bought it a year ago. It would now be worth about $77,000. The only cryptocurrency in the top 100 list that was not stablecoin to have gained over the past week was MATIC.

An overview of Polygon 

Polygon is a new protocol that makes it easy to create blockchains. It can be used by any project to combine the best features of stand-alone blockchains and Ethereum.

Several decentralized apps are making progress, but the blockchain can’t be as big. There are problems with how long it takes to make blocks and high fees. Polygon wants to solve this by easy access for users who want to use the network.

A Polygon token price fell last week because of the broader market sell-off, but it has come back. It’s more than doubled in value in the last few days. A billionaire investor, Mark Cuban, invested in Polygon and this sparked a lot of interest from people who saw his investment.

MATIC already processes about 6 million transactions per day. MATIC has processed over 122 million transactions. Another reason why Polygon is gaining traction is because it has low transaction costs. The transaction costs on the Ethereum blockchain were around $64, while it just costs a few cents on the Polygon network.

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