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The dynamic change in the crypto market continues as Polygon’s native token, MATIC, has overtaken Litecoin (LTC) to take the 10th spot in the global ranking. The move comes after MATIC experienced an increase of almost 30% in the past week.
Resurgence Amidst the Crypto Rally
The general uptick in the crypto market over the past week has presented opportunities for many cryptocurrencies to make significant progress. For example, Polygon (MATIC) has taken advantage of this trend and has broken several resistance levels to claim the 10th spot in the global crypto market, leaving Litecoin (LTC) behind.
The asset boom, in which the price of MATIC surged from a low of $0.67 last Friday to a high of $0.88 yesterday and back to $0.84 at the time of writing, is up almost 30% over the past 7 days.
The surge is also indicative of MATIC’s resilience, given that it comes just a month after the United States Securities and Exchange Commission (SEC) classified it as a security, leading to a massive drop in its value. The SEC move sent MATIC into a bloodbath to trade below the $0.6 mark for a week.
MATIC Road to Recovery
However, MATIC’s recovery has been somewhat eye-catching. In the last 24-hours, MATIC has gained almost 10%, demonstrating a strong upward trajectory. Interestingly, this rally mirrored the movements of several notable altcoins in the market, indicating a broader market correction trend.
Despite the initial setback following the SEC classification, MATIC has demonstrated a comeback. Its rally not only highlights the asset’s resilience, but also underscores its growing popularity among investors, which can be attributed to growing interest in the Polygon platform, known for its scalability solution for Ethereum transactions .
The past week has seen a dramatic increase in the market capitalization of MATIC, which represents an increase of almost $2 billion. The market capitalization of the digital asset, which started from a valuation of $6.2 billion last Friday, has grown to $7.89 billion today. Interestingly, it is not just the price and market capitalization of MATIC that has seen a significant increase.
Within the same week, the daily trading volume for Polygon has almost doubled from the previous Friday’s figures. This surge is evident from the trading volume rising from $357 million at the end of last week to a high of $952 million in the past 24 hours.
A 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 the polygon.
Featured image from iStock, chart from TradingView
