Polygon (MATIC) has grown by 9,600% since the beginning of the year and has recently hit a new all-time high of $2.9. We have collected the main things you need to know about cryptocurrency!
Cryptocurrency Polygon (MATIC) is trading at a price of 9,600% more than at the beginning of the year, and in May, its value increased by 10,500%. We can say that the coin was one of the best-performing cryptos in recent years. Let’s figure out what awaits the altcoin in the near future and find out Polygon MATIC price prediction!
Polygon (MATIC) Price Prediction: What Is MATIC Cryptocurrency?
Let’s start with Polygon. This network was created in 2017 and was called Matic Network until February 2021. Even now, it is sometimes called the Matic Network, although this name is outdated. In fact, they are the same thing.
Polygon is a solution for creating interconnected blockchain networks. This is especially useful for creating smart contracts agreements on the blockchain between two parties that are automatically executed after their requirements are met.
True that Ethereum is the most popular platform for working with smart contracts. However, the problem is that not enough people have used decentralized applications (DApps) on this blockchain so far. Some of them became popular, but this posed another problem — the more people used the app, the more the Ethereum network was loaded. Thus, this led to a significant outflow of users from the dApp sector.
Polygon Network Key Features
As with other problems, this one had a solution. Some developers have decentralized their systems, making their apps faster. But this method also had some drawbacks. For example, this approach is less secure, and apps used blockchains separate from the Ethereum network, which did not reflect changes in the cryptocurrency network.
This is where the Matic Network, which appeared in October 2017, came into play to solve these problems and collect the best of the two ways. It used a technology called Plasma, which processed transactions before adding them to the main Ethereum blockchain.
In practice, this means that the network can work fast and not be slowed down by a large number of users. At the same time, it can use dApps and the Ethereum blockchain. Matic Network has positioned itself as a layer-2 network, meaning it acts as an add-on layer to Ethereum that does not seek to change the original blockchain layer. In theory, this made it possible to simplify the process without sacrificing security or availability.
In 2021, with the renaming of the network to Polygon, a lot has changed. Basically, this is the same network that Matic was. Still, the key difference between them is that Polygon is designed to create blockchains that can interact with each other. The project was made to allow people to launch their own blockchains with a specific set of functions.
The Polygon system has its own cryptocurrency traded under the name $MATIC. Once we have figured out the technologies and key features, let’s find out whether it is worth buying $MATIC and what is the Polygon MATIC price prediction.
MATIC Coin Price Prediction: Significant Growth in the $MATIC Rate
The $MATIC cryptocurrency is quite young. As mentioned before, the network appeared in 2017, and the coin went live only a year and a half later, in April 2019. At first, the altcoin price was $0.00263, and it fluctuated at this level for some time.
In December 2019, $MATIC increased slightly in price up to $0.04168, but then the rate returned to the previous values. In early 2021, $ MATIC’s price was $0.01781, and the first notable increase took place when the developers announced the launch of Polygon. By March 13, the coin was trading at $0.4251 and added 2,286% in price in 10 weeks.
The growth continued after a slight correction — by the end of April, the rate reached the $0.792 mark, which is 86% more than in mid-March. And on May 9, the currency broke the $1 barrier. $MATIC broke the next barrier of $2 on May 18 when its price reached $2.4544. In other words, since the beginning of 2021, the altcoin rate has increased by about 10,500%. Any MATIC coin price prediction could not have forecasted such a price movement.
However, the record growth was followed by a decline. In mid-July, the cryptocurrency’s price was less than a dollar, and at the lowest point, its price fell to $0.67. By the end of the month, $MATIC had risen above the $1 mark again and has not decreased since then.
A new phase of active cryptocurrency growth began in October. At the end of the month, when the entire altcoin market was on the rise, $MATIC again approached record values. Thus, on October 29, the cost of the cryptocurrency was $2.12.
After that, $MATIC decreased again, finally reaching $2.1198 on November 3. By mid-November, the cryptocurrency fell to $1.47, and by November 26, there was a turning point during which $MATIC briefly rose to $1.93. However, on the 26th, the cost of the cryptocurrency was $1.65.
In December, trader Justin Bennett named three altcoins, the value of which may increase significantly in the near future. $MATIC is one of these tokens.
In his MATIC coin price prediction, Bennett recalled that the Polygon token broke through a powerful resistance level last week, which was near the $2.7 mark. Also, according to the analyst, the altcoin tested this level as a powerful support. The trader predicted that Polygon might rise in price to $4.5 (up 60% from current levels) in the short term.
On December 27, $MATIC renewed its all-time high above $2.9. In 24 hours, the altcoin price has grown by more than 7%, and its market cap has increased to $19.7 billion.
MATIC Polygon Price Prediction: What Do Experts Predict?
Given the impressive price gains and the rather serious decline, making an accurate MATIC Polygon price prediction may be pretty challenging. If the growth rates of the cryptocurrency remained the same, then its price would have been more than $156 by the end of the year.
Analysts believe that the real growth of the exchange rate will not be so impressive. The MATIC price prediction for 2021 from Digital Coin Price and Wallet Investor looks positive. Thus, the first analytical site believes that the altcoin price will be $2.59 in January 2022. In five years, the cryptocurrency rate will reach $5.84, according to the portal’s forecasts.
Wallet Investor, in turn, believes that in a year, the price of the MATIC cryptocurrency can reach $3.39. In five years, according to the MATIC price prediction, its cost will reach $10,643.
Still, Coin Codex’s short-term forecast states that the current trend in the $MATIC market is somewhat bearish. This means that one should not expect strong price growth in the near future.
At the same time, сrypto analyst Benjamin Cowen has discovered technical patterns indicating a possible future rise in the Polygon (MATIC) price. According to Cowan, the altcoin shows positive dynamics in trading pairs with Bitcoin, Ethereum, and USDT stablecoin. If there are no critical events in the digital asset market in the near future, then the price of Polygon could overcome the $3.5 mark (up 66% from current levels). Benjamin Cowen also said:
I do think it is a good project and will probably continue to trend up for the duration of the cycle and move up a few more ranks the current market capitalization rankings of a lot of different altcoins.
Currently, the cryptocurrency is trading at $2.60, and its market cap is $18.6 billion, according to CoinMarketCap. Thus, the asset ranks 14th in the list of the largest cryptocurrencies by market cap, with a monthly growth of 32.61%.
Since the beginning of the year, the altcoin has brought large returns to investors. But now, it is impossible to say for sure whether the rapid growth of $MATIC will continue. As with other assets, you should be careful, do your own research and never invest money that you can’t afford to lose. Remember that the cryptocurrency market is volatile!
Still, if you’re wondering where to buy Polygon tokens, you should definitely think about buying them at Switchere. On our platform, you have an opportunity to buy $MATIC in the fastest and most convenient ways using any available payment method. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
What is your MATIC Polygon price prediction? Feel free to share your forecasts in the comments below!