MATIC Has Rejected All Crypto Bears With Its Highs

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MATIC has now turned out to be the 17th biggest cryptocurrency by its market cap with the exchange listing witnessing it rejecting the bearish mood that has afflicted all the major tokens. The infrastructural development of Ethereum’s Polygon platform has hit a record all-time high on the 18th of May- which has allowed it to turn into a very performing cryptocurrency today. 

MATIC Hits Fresh Record High

Data provided by Cointelegraph Markets Pro and TradingView have shown that the value of MATIC/USD has reached a level of $2.18 during the trading that took place on the 18th of May. This has been set as a defiance of the downtrend in the broader market. After it was listed on Kraken, a major exchange on the 17th of May, there was a surge which is the latest in the uptick that has begun since May started. 

The data of VORTECS from Cointelegraph Markets Pro started detecting an outlook that was pretty bullish for the MATIC on the 12th of May- before there was a rise in the prices. The Score, which is exclusive to Cointelegraph, is a comparison of the algorithms of both current market conditions and the history which has been derived from a data point combination that includes trading volume, market sentiment, Twitter activity along recent price movements.

The VORTECS score also recorded unprecedented levels of MATIC which began on the 15th of May. The token gained its highest score at 99, which was soon followed by quite a few spikes in prices that resulted in an all-time high on the 18th of May. 

With such a result, it is quite unsurprising that MATIC has outperformed all the other cryptocurrencies in weekly and daily gains. Currently, the daily gain has reached 22%, with the weekly gain set at 118%. Lagging behind MATIC are SNX and TEL with 21% returns and 17% returns respectively.