This coin is heading for its best ever performance against Bitcoin

The original cryptocurrency of PolygonMATIC, has started to catch the attention of crypto investors with its latest rally against Bitcoin. Lately, the price of MATIC has been on the upside with the recent collaborations and partnerships of Polygon with tech giants. Given this trend, at one point, the crypto even hit $1.

Read on as we analyze the price activity of MATIC against Bitcoinexamine the latest price movements and take a look at the price predictions.

Polygon (MATIC) Price Analysis

Polygon (formerly known as Matic Network) is a well-designed and easy-to-use platform for Ethereum scaling. It is powered by an Ethereum token, which is known as MATIC. The platform ensures faster and cheaper transactions on Ethereum network using blockchains, such as layer 2 sidechains.

These Ethereum tokens can be inserted into a Polygon smart contract, used throughout Polygon, and then released back into the Ethereum main chain. At the time of writing, the price of Polygon (MATIC) is $0.91 and has seen a jump of around 0.77% in the last 24 hours.

The highest price of this token is $2.92. The current circulating supply of this crypto is estimated to be 8 billion and its maximum supply is 10 billion MATIC tokens. With a current market cap of more than $7 billion, Polygon (MATIC) is ranked 10thth place among all cryptocurrencies in the market.

Polygon has shown great momentum on its price charts in the last quarter of this year. In the first week of November 2022, the token went as high as $1.26. However, although it dipped towards $0.78 during the latter half of November 2022, the token seems to have regained its momentum afterwards.

The big increase to the price came after the announcement of the partnership with Meta in August. The token also made headlines when Polygon’s tie-up with brokerage Robinhood was announced for its latest Web3 wallet. The fact that Robinhood allowed users to send and receive MATIC tokens on Polygon also boosted the price of this token.

Following the good news that social media titan Meta is partnering with the blockchain network to bring its adventure into the domain of Web3 and NFTsPolygon recently witnessed a significant increase in November.

Polygon (MATIC) Strong Performance Against Bitcoin (BTC)

Recently, after testing a crucial diagonal resistance as support, it has been noted that Polygon appears strong against Bitcoin (MATIC/BTC). At the time of writing, the MATIC to BTC conversion rate is 0.0000529 BTC. This rate has seen an increase of 0.70% in the last 24 hours. MATIC/BTC was 0.00006391 BTC during the first week of November 2022, when Polygon crossed the $1.26 mark.

Afterwards, it even dropped to 0.000049 BTC in mid-November. However, it picked up a bit later and has managed to stay around 0.000053 BTC since then. Given the current price trends of Polygon and Bitcoin, experts are of the opinion that the MATIC/BTC rate could go as high as 0.00007 BTC in the coming times.

Should you invest in polygon (MATIC)?

Polygon had a great run this year. The token went as low as $0.32 in mid-June 2022; however, since then the token has managed to achieve good performance on the price charts. It went to $1 towards the end of July and managed to stay around the $0.80 figure during August.

The token appears to be a good long-term investment option for crypto investors with its recent associations with Meta regarding Web3 and NFTs and brokerage Robinhood for its exclusive Web3 wallet and use of MATIC tokens on the Robinhood platform. According to the Citigroup report, Polygon has the potential to be a $13 trillion metaverse economy by the end of this decade.

Even the price predictions for MATIC show it as a viable investment avenue for investors. The token is expected to reach $2.78 by the end of next year. Likewise, Polygon cryptocurrency price estimates by some analysts predicted that MATIC will have risen to $8.19 in five years. The token is also projected to cross $11.85 by the end of this decade.

Conclusion

As for the MATIC/BTC exchange rate, it will be significantly dependent on the upcoming price trends of Polygon and Bitcoin. Polygon’s recent price rise and its associations with some leading organizations may have placed it on the wish list of many investors; However, it is important to analyze the recent price movements, history, market condition and many things before making an investment call.

Considering that crypto markets are volatile and subject to risk, it is important to do thorough background research before investing your money.

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