Polygon up 12%, edges Bitcoin and Ethereum in last 24 hours

Polygon (MATIC) posted the highest 24-hour gains today, outperforming Bitcoin and Ethereum in that department as the altcoin recovers from the crashing effects of the FTX implosion.

• MATIC gives an increase of 12% intraday
• The crypto has broken the $0.90 barrier pushing its market cap to over $8 billion
• Polygon NFT sales increased by 191%

According to last tracking from Coingecko, the cryptocurrency is changing hands at $0.94, registering a 12% increase in its intraday performance. In the last seven days, MATIC has pumped its value by 10%.

Among the top 10 digital currencies tracked by the online crypto information provider, Polygon was the day’s top gainer as BTC and ETH only managed to rise by 4.9% and 7% respectively.

Additionally, with this bullish move, the asset managed to push its total market cap to $8.32 billion, registering an inflow of around $400 million from its $7.60 billion valuation when it traded at $0.87 here on the day.

The characters were there all along for polygon

Last week, after all the chaos that ravaged the crypto space, including the collapse of FTX and the shutdown of many related businesses, MATIC reacted negatively and plunged all the way to the support level of $0.81.

Source: TradingView

But yesterday, some of the digital asset’s technical indicators such as the Relative Strength Index (RSI) and the 200-day exponential moving average (EMA) indicated the resurgence of a bullish move for polygon.

Gaining 3.65% in the past 24 hours, the altcoin pulled back up to $0.86 and in doing so has teased a breakout above the $0.90 mark.

In addition, the cryptocurrency was able to increase its trading volume by 1.90%, which further solidified the bullish thesis of analysts trying to determine where the price trajectory is headed.

It turns out that the experts made the right call as MATIC is enjoying one of the best recent performances that the crypto space has witnessed so far.

It still has a ways to go, but at its current level it is extremely close to hitting the psychological $1 territory.

NFT sales up almost 200%

One possible reason for MATIC’s impressive performance right now is the incredible growth that the NFT division is enjoying.

According to information shared by the cryptoanalysis portal Messari, since the end of September, polygon-based NFT sales increased by 191% on track to post the best blockchain result by far.

This development can be attributed to the project’s integration with Starbucks and Meta (Instagram), which, according to experts, greatly helped its original token during the crypto collapse.

MATIC total market cap at $8.05 billion on the daily chart | Featured image from CTV News, Chart: TradingView.com