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Sunday, May 22, 2022

Polygon Sees A Strong $250 Billion Market Rebound

Polygon recently emerged as one of the best performers amongst the high-ranking cryptocurrencies on the 26th of January. The price of MATIC went up by around 17% to reach an intraday high of $1.825. The gains came amid a synchronous rebound across the market of crypto that started on the 24th of June. In detail, traders and investors poured in around $250 billion across most of the digital assets- which would benefit Ether, Bitcoin, and a few others in the process. 

Polygon Sees Quite An Increase Over the Week

Polygon, which is one of the most famous secondary scaling solutions for the blockchain of Ethereum, has also cashed in on the rebound of the crypto market. The valuation of its native token, MATIC, rose from a low point of $9.77 billion on the 24th of January to a maximum high of $13.58 billion just a couple of days later. Meanwhile, the price saw a jump from $1.312 to $1.825 in the same period- which is quite an improvement- a 40% gain in just about three days.

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The latest bout of purchasing in the market of Polygon appeared ahead of an announcement from the Federal Reserve about the increase in its interest rate- which has been scheduled to come through on the afternoon on the 26th of January. In detail, most of the cryptocurrencies have already gone through several whipsaws in the last few months over major expectations that the central bank in the country would be embarking on a series of hikes in the interest rate to fight inflation. 

It bodes well for Polygon to outperform most of its top rivals like Ethereum and Bitcoin in terms of intraday gains, and it also appears that high-profile hiring was the core reason behind the vast improvement of this scaling solution.

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