Polygon blockchain’s native crypto asset MATIC has rebounded fast after all the coins on the cryptocurrency exchange collapsed on Saturday.
In November, the cryptocurrency world was dominated by a general uptrend. While Ethereum was breaking its own record every day, Bitcoin was showing a continuous upward trend. Moreover, when it comes to the general market value, Bitcoin managed to surpass Tesla by increasing its volume to 1 trillion 255 billion dollars. Then, last week, there was a collapse of up to 30 percent in the entire market. But some of them, like MATIC, recovered pretty quickly.
MATIC and other cryptocurrencies are on the rise!
MATIC, the native crypto asset of the Polygon blockchain, has surged 30 percent in the last 24 hours, according to exchange data. While cryptocurrencies are recovering from previous market selloffs, analytics firm IntoTheBlock noted that large transactions are on the rise.
IntoTheBlock says it has detected large transactions ($100k and above) that act as an indicator for whales. Potential institutional investment for Polygon MATIC has increased by 50 percent in the last 24 hours. For coins such as Bitcoin, Ethereum and Decentraland, this ratio has increased similarly.
MATIC/USDT, which saw $1.54 after the crash last Saturday, has risen steadily to reach $2.44, gaining around 30 percent today. Polygon (MATIC), a Layer 2 scaling solution, continues to benefit from Ethereum’s rapidly increasing network transaction fees.
Almost all cryptocurrencies in the top 100 have value added. Therefore, it is trading in green (bullish). Total market values, on the other hand, increased by 7.61 percent in the last 24 hours, exceeding $ 2.4 trillion. Of course, some of them continue the recovery process.
How about Bitcoin and Ethereum?
Last Saturday, Bitcoin fell to 42 thousand, Ethereum 3 thousand 503, BNB 489, MATIC 1.54 and DOGE to 0.13 dollars. The instantaneous values of these cryptocurrencies, which are currently caught in the upward wind in the market, rose to $ 51 thousand 542, ETH 4 thousand 366, BNB 580, MATIC 2.30 and DOGE $ 0.18.
Note: It is not investment advice.
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