Polygon (MATIC) may have started seeing some positive momentum after a hard crash. The market crash has caused cryptocurrencies to fall as much as 50% from their all-time high. Even established and high-market cap coins have succumbed to the strong bearish sentiment in the market. However, one thing is for sure the bear market cannot last forever and price growth is imminent after bear markets. Polygon (MATIC) may be one of the few cryptocurrencies that are witnessing some possible reversal of the price movements. At the time of writing, Polygon crypto stands at a price level of $1.17. The price had been increasing in the past twenty-four hours while the daily trading volume is also positive.
India is cited as the country to host the next Silicon Valley. The country has an abundance of programmers and developers; however, Indians were absent from the cryptocurrency sphere. The ban on cryptocurrencies by the Reserve Bank of India may have had a vital role to play in this absence. But as the cryptocurrency adoption and acceptance boomed, first in the 2017 bull run and now in the 2021 bull run, cryptocurrencies reached nearly every corner of the world.
Indian developers debut into the crypto sphere with Polygon (MATIC). Originally called Matic Network, the cryptocurrency is a layer-1 scaling solution for Ethereum. The network aims to enhance the capabilities of Ethereum and boost the adoption of cryptocurrencies. Polygon is also compatible with Ethereum which makes it an attractive alternative amidst soaring gas fees and scalability issues on Ethereum.
The cryptocurrency has quickly climbed the market ranks standing at eighteenth in terms of capitalization. The potential of the network has been realized by many. There had been an influx of yield farmers to the Polygon network. It had also surpassed Ethereum in terms of the number of daily transactions.