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- Polygon is traded on 79 exchanges, with the top exchanges being Binance, Digifinex, and VCC Exchange.
- Polygon Network’s native token, MATIC, rose for a third straight day, reaching a record high above 60 cents.
- It has chalked up a 35-fold rise on a year-to-date basis, and the Polygon price has gained 50% this week.
MATIC, Polygon Network’s native token, the price recorded an all-time high of above 60 cents for a third straight day. According to Messari data, MATIC price is 13% higher on the day near $0.62, having crossed above the previous peak price of $0.5415.
Polygon is traded on 79 exchanges, with the top exchanges being Binance, Digifinex, and VCC Exchange. Polygon has had 53% transparent volume and has been trading on 205 active markets, with its highest trading pairs being USDT and BTC.
What is pushing the price up?
Polygon price has gained 50% this week, chalking up a 35-fold rise on a year-to-year basis, thanks to Ethereum. Network overload and high transaction costs, as per Coindesk, on Ethereum’s blockchain, have driven demand for layer 2 scaling projects like Polygon facilitating faster and cheaper transactions using sidechains running alongside Ethereum’s main chain.
Analysts predict a stronger rally soon for the Polygon price as the latest move above $0.60 has confirmed a channel breakout on the daily chart, opening doors to continue the broader bull run from December lows near $0.0142.
Organic growth and risks
Alex Svanevik, CEO of blockchain data company Nansen, told CoinDesk that Polygon’s organic growth is powering its price higher. He said Polygon had seen a 10x rise in the number of transactions since the start of the year. Moreover, record activity on Ethereum has led to network congestion and high transaction costs this year. The expert explained that this, in turn, has driven an increase in demand for alternative smart-contract blockchain networks, such as Binance Smart Chain (BSC), with scaling projects like Polygon that provide faster and cheaper transactions using layer two sidechains.
As such, in recent weeks, Polygon has recorded more adoption. However, the challenge is much bigger to stay on this track as cryptocurrencies are, presently, vulnerable to US President Joe Biden’s proposed capital gains tax hike.