The crypto market continues to show dynamic shifts as Polygon’s native token, MATIC, surpasses Litecoin (LTC) in the global rankings to secure the 10th spot. This move comes after MATIC experienced an almost 30% increase over the past week.
Resurgence Amidst Crypto Rally
The general uptick in the crypto market over the past week has provided opportunities for numerous cryptocurrencies to make significant progress. For example, Polygon (MATIC) has capitalized on this trend by breaking multiple levels of resistance to claim the 10th position in the global crypto market, leaving Litecoin (LTC) behind.
The rise in the asset, which saw the MATIC price rise from a low of $0.67 last Friday to a high of $0.88 yesterday before retreating to $0.84 at the time of writing, marks an increase of almost 30% in the last 7 days.
The rise also points to MATIC’s resilience, given that it comes just a month after the U.S. Securities and Exchange Commission (SEC) classified it as a security, leading to a drastic drop in value. This move by the SEC left MATIC in a week-long bloodbath to trade below $0.6.
MATIC Road to recovery
However, MATIC’s recovery was somewhat fascinating. Over the past 24 hours, MATIC is up nearly 10% and is showing a strong upward trajectory. Interestingly, this rally mirrors the movements of several notable altcoins in the market, pointing to a broader trend of market recovery.
Despite the initial setback following the SEC’s classification, MATIC has shown a comeback. The recovery not only highlights the asset’s resilience, but also underscores its growing popularity among investors, which can be attributed to the rising interest in the Polygon platform, known for its scalability solutions for Ethereum transactions.
MATIC has witnessed a dramatic increase in its market cap over the past week, up nearly $2 billion. The digital asset, which started with a valuation of $6.2 billion last Friday, has seen its market cap rise to $7.89 billion as of today. Interestingly, it’s not just MATIC’s price and market cap that has experienced a remarkable uptick.
Within the same week, daily trading volume for Polygon nearly doubled from last Friday’s figures. This increase is evident in the jump from a trading volume of $357 million at the end of last week to a whopping $952 million in the past 24 hours.
The sudden increase in trading volume indicates a significant increase in trading activity within just one week. The overall increase in both price and trading volume paints a picture of significant market interest and increased investor activity around Polygon.
Featured image from iStock, chart from TradingView