IMAGE: MATIC WEBSITE
The cryptocurrency MATIC has seen major gains over the past 24-hour trading cycle. The Matic crypto is up 31 per cent over the past 24 hours, as per the WazirX Matic chart. At the time of writing this article, the MATIC price fluctuated from a low of $0.85 to a high of $1.2. Matic has seen major growth in 2021. In this article, we'll take a look at the reason why MATIC is going up.
Matic has emerged in 2021 as one of the most promising cryptocurrencies. The crypto community on Reddit believes MATIC is an excellent cryptocurrency and has the potential to go up even higher in the future. Matic is a cryptocurrency that is used to power transactions and to pay the fees on the Matic Network. Matic recently announced their merger into Polygon. Basically, the Matic network is called Polygon now. However, the coin powering the network is still Matic.
The rise in the price of MATIC is related to the rise in the price of Ethereum. Matic/Polygon is a highly scalable L2 Network for Ethereum that drastically reduces transaction fees for users looking to transfer cryptocurrencies. Matic/Polygon has a lot of advantages over networks in terms of scalability, security and user experience. Matic/Polygon is working with a lot of companies and a ton of interesting projects that you can check out on their website.
Moreover, MATIC is used by people to transfer their crypto funds over the Ethereum network, at very little fees and at very high speeds. In contrast, transferring crypto directly through the Ethereum network takes a long time and the fees are quite expensive as the Ethereum network is usually at its peak. MATIC provides a simple way for people to transfer their crypto assets on the Ethereum chain without worrying about the long transfer times or expensive transfer fees. So, when the price of Ethereum rises and the Ethereum network becomes more congested, people switch to Matic. Moreover, many crypto experts believe MATIC has a lot of potential to grow in the near future. All these factors are contributing to MATIC's rise in price.