Ali Raza
The cryptocurrency market has not performed well during the past week. Bitcoin’s brief plunge below $20K has intensified the selling pressure that has further strained a market that has been on a bearish trend since the beginning of the year. However, Polygon (MATIC) has stood out that week, gaining by around 14.5% in the past seven days.
Polygon makes a 14% gain amid positive developments
MATIC has made double-digit gains during the past week, making it the leading gainer among the top 20 largest cryptocurrencies by market capitalization. At t time of writing, MATIC was trading at $0.875, according to data from CoinGecko.
Following this brief uptrend, MATIC short positions worth $7.4 million have been liquidated during the past week, according to data from Coinglass. During the same period, $5.1 million worth of long positions were also liquidated.
However, the bullish performance during the past week has not erased the losses that MATIC has suffered during the past year. MATIC is down by 70% from an all-time high of $2.92 in December last year. MATIC also ranks as the 14th largest cryptocurrency, with a market cap of $6.5 billion.
MATIC gains come amid positive developments
The performance of MATIC during the past week comes amid positive developments surrounding the token. Robinhood, one of the leading trading apps in the crypto space, announced it would integrate support for MATIC. The platform will allow users to deposit and withdraw MATIC tokens via the Polygon blockchain.
In the announcement, Robinhood said that the Polygon network would now support token transfers on the platform alongside the Ethereum blockchain. The exchange has also said it will announce support for other networks in the future.
Robinhood is an exchange that has become very popular with crypto day trading. Therefore, the integration could prompt more people to buy MATIC for short-term speculation. The growing use of the Polygon network could also translate to gains for the MATIC token.
The other positive development surrounding MATIC is the OpenSea marketplace supporting Polygon non-fungible tokens (NFTs). OpenSea has added support for MATIC, and it would also allow its users to make payments using the MATIC token. Polygon is an Ethereum layer 2 scaling solution, and the integration by OpenSea could foster lower minting and listing costs for NFTs.
The other integration is by social media giant company Meta. Meta has launched a cross-posting platform on Facebook and Instagram that will allow users to post their Polygon NFTs. Meta has shown increased interest in the metaverse since the company’s rebranding from Facebook to Meta towards the end of last year. The social media company has said that interoperability in the metaverse was one of the motivating factors behind launching this feature.
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This article was written for Business 2 Community by Ali Raza.
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