Polygon (MATIC) is seeing continued bullish momentum, even as the overall market is down. The crypto has been performing well due to major industry collaborations, such as its work with Starbucks, and news of its ZK EVM launching on March 27th. Polygon’s price has already broken through previous resistance levels, with analysts predicting that it could reach $1.70 if it passes its current level of resistance. While caution is advised due to potential for market correction, many are considering investing in Polygon for its potential to perform well in the long term.
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The Rise of Polygon in Cryptocurrency Market
How’s it going everyone, it’s Sam! We have to talk about Polygon today because it continues to move up, even if the market is down. Polygon, also known as Matic Network, is crushing it, so let’s discuss why the market might be down a little bit here today and starting to move up a little bit though, and it’s been really bullish obviously over the last few days. So, we’re going to take a look at all that.
News on Binance and Delisting of US-Based Cryptocurrency
There’s also some news on Binance and the possibility of delisting every US-based cryptocurrency, but I’m gonna save that for another video because I think that warrants a little bit more explanation. Now, I will say I bought a dividend stock today. I know crazy to think about dividend stocks because they’re so boring compared to crypto, but I do invest in dividend stocks and I bought one today and it’s up five percent already so if you want to know when I buy different stocks and cryptos you can check out the link to the patreon underneath the video.
The Market Performance
Bitcoin is up a little bit over the last hour, down over the last 24 hours. We fell down about 1500 or 1600 yesterday after being up three thousand dollars a day before. There are a couple of different reasons for that. One is the fact that fed Bullard talked about how they can’t rule out a 50 basis point hike at their March meeting, we also heard just today from another fed president Bauman that the cost and risk of continuing to raise the FED funds rate is necessary.
The Market Fear from Fed’s Strategy
So, I think those both kind of cause a little bit of fear in the market that the FED may continue to raise rates pretty aggressively. Now personally, I think that this is just them speaking down the market and trying to calm the market after we had such a big bounce last week.
Polygon Performance in Crypto Market
Now crypto is a little bit different. There are a lot of liquidations that come into crypto compared to the overall stock market, but one crypto that continues to go up is Polygon. It seems like day after day, Polygon is up and it’s at a dollar and forty-seven cents. Polygon has been making headlines lately and I’m going to cover three of them here today.
Polygon News and Partnership with Big Brands and Companies
A lot of news has come up for Polygon because they’ve been working with many big brands, and now Starbucks Polygon NFTs are selling for thousands of dollars. However, the substantial news is that Siemens issued a blockchain-based Euro-denominated Bond on the Polygon blockchain. This is a 64 million dollar bond, and it issued this digital bond to reduce paperwork and reach out to potential purchasers directly. Another big narrative is their ZK EVM launching on March 27th onto their main net. This will increase privacy features, it will be faster, and will have faster transaction validation.
The Future of Polygon in Cryptocurrency Market
This is the big narrative for Polygon right now and it’s pushing up the price pretty quickly. Polygon has a true spot in the top five cryptocurrencies and maybe even as a layer one. The top-performing cryptos out of the top 20 in my opinion. Polygon’s so much faster than using something like Ethereum, cheaper and it has so many good pieces of news that come out all the time, so many big brands and they’re working with. I think a lot of people will be using Polygon in the future.
Conclusion
Overall, Polygon continues to rise, and its partnerships with big brands and companies are a huge plus point. It is faster and cheaper than Ethereum, and its usability is increasing day by day. While investing in anything is always risky, Polygon is considered a great long-term investment. Personally, I hold it and recommend it to others as well.
