A native Cryptocurrency From ribbedMATIC is starting to catch the attention of cryptocurrency investors with its latest rally against Bitcoin. Lately, the price of MATIC has been on the upside with Polygon’s recent collaborations and partnerships with tech giants. Given this trend, at some point, the crypto hit the $1 mark.

Read ahead as we analyze MATIC price activity vs bitcoinstudy recent price movements, and look at price predictions.

Polygon (matic) price analysis

Polygon (formerly Matic Network) is a well-designed and easy-to-use platform for scaling Ethereum. It is powered by the Ethereum token, which is known as MATIC. The platform ensures faster and cheaper transactions Ethereum Network using blockchains, such as Layer 2 sidechains.

These Ethereum tokens can be placed into a Polygon smart contract, used throughout Polygon, and then issued back onto the Ethereum mainchain. At the time of writing, Polygon (MATIC) price is at $0.91 and has seen a jump of around 0.77% in the past 24 hours.

The all-time high price for this token is $2.92. The current circulating supply of this cryptocurrency is estimated at 8 billion, with a maximum supply of 10 billion MATIC tokens. With a current market capitalization of over $7 billion, Polygon (MATIC) is ranked 10thThe tenth Among all the cryptocurrencies in the market.

ribbed It showed great momentum on the price charts in the last quarter of this year. In the first week of November 2022, the token increased to $1.26. Although it declined towards $0.78 during the last half of November 2022, it seems to have picked up momentum again after that.

The big increase in its price came after announcing its partnership with Meta in August. The token was also in the news when it was announced that Polygon has partnered with brokerage firm Robinhood for its latest Web3 wallet. Moreover, the fact that Robinhood allowed users to send and receive MATIC tokens on Polygon also provided momentum for the price of this token.

After the good news that social media giant Meta is partnering with the blockchain network to present its venture in the field of Web 3 And the NFTsPolygon recently saw a big spike in November.

Polygon (MATIC) Strong Performance Against Bitcoin (BTC)

Recently, after retesting a crucial diagonal resistance as support, Polygon was noted to be looking strong relative to Bitcoin (MATIC/BTC). At the time of writing, the MATIC to BTC conversion rate is 0.0000529 BTC. This rate has seen an increase of 0.70% over the past 24 hours. MATIC/BTC was 0.00006391 BTC during the first week of November 2022, when Polygon crossed the $1.26 mark.

After that, it dropped to 0.000049 BTC during mid-November. However, it gained some momentum later on and has managed to stay around 0.000053 BTC since then. Given the current price trends of Polygon and Bitcoin, experts are of the opinion that the MATIC/BTC rate may rise to 0.00007 BTC in the coming times.

Should you invest in Polygon (Matic)?

Polygon has had a great run this year. The token fell to $0.32 in mid-June 2022; However, since then, the token has managed to do great on its price charts. It reached the $1 level at the end of July and managed to stay near the $0.80 figure through August.

The token appears to be a good long-term investment option for crypto investors with its recent associations with Meta regarding Web3, NFTs and exclusive brokerage Robinhood. Web 3 Wallet and using MATIC tokens on the Robinhood platform. According to a Citigroup report, Polygon has the potential to become a $13 trillion reverse economy by the end of this decade.

Even the price predictions for MATIC show that it is a viable investment vehicle for investors. The token is expected to reach $2.78 by the end of next year. In the same vein, some analysts predicted Polygon’s cryptocurrency price before that MATIC would rise to $8.19 within five years. The token is also expected to surpass $11.85 by the end of this decade.

conclusion

As far as the price of MATIC/BTC is concerned, it will be highly dependent on the upcoming price trends of Polygon and Bitcoin. Polygon’s recent price hike and its connections to some leading organizations may have put it on many investors’ wish list; However, it is important to analyze recent price movements, history, market condition and a lot of things before making any investment call.

Given that the cryptocurrency markets are volatile and subject to risks, it is necessary to conduct thorough background research before investing your money.

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