MATIC Surges 120% to Survive May Market Crash
- MATIC has indicated a strong resistance regardless of the recent crypto crash.
- The Polygon project proceeds with consistent growth, surpassing Ethereum and Binance Smart Chain recently in daily undertakings.
Despite the market crash in May that left many crypto investors worrying, Polygon’s MATIC surged 120%. On the other news, BTC has declined by 35% since the highest peak. Besides BTC, altcoins including ETH, DOT, ADA, XRP, and others recorded losses. DeFi was not an exemption, as the blue chips declined as well. With the turmoil, the total market valuation decreased by around 24%.
MATIC With a 120% Increase in May
The Polygon’s ETH layer two scaling solutions saw MATIC surviving the market crash in May. Moreover, cheap transaction charges on the MATIC network increased activities on the system. Each transaction on the network attracts only $0.001.
Remember, transaction fees on ETH’s network increased by about 845% yearly. At the moment, transacting on the ETH network costs about $4.819. MATIC price surged since the start of the year due to the lower transaction charges. At the beginning of 2021, MATIC traded at $0.01. At May ending, the token trades at $1.85. The price surge shows about an 18,500% spike.
The outstanding performance by MATIC, which affected multiple cryptocurrencies, indicated that an asset-backed by solid fundamentals would survive regardless of a general market crash. Analysts predict that the polygon asset will experience further surges in the months to come. However, ETH transaction reduction can shorten the anticipated uptrend.
MATIC On a 4-Month Run Gains
While MATIC witnessed a 4-month run increase, other ETH rivals like Solana, Binance Smart Chain, and Polkadot saw double-digit declines.
As much as MATIC remains undisturbed by the BTC crash, it has most of its gains in the first weeks of May. That was before the BTC dip. MATIC accumulated most of its gains before BTC declined to $30,000 from $58,000.
Wu Blockchain tweet noted that Polygon had reached 7.4 million on daily transaction volume. That is ahead of Binance Smart Chain and ETH transaction volume per day.
What do you think about MATIC’s outstanding performance? We are ready for your views on the comment section.